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Writing off Kyrgyzstan’s external debt through green projects: who is interested

In early January 2023, the President asked to write off Kyrgyzstan’s external debt by means of green projects. The European Bank for Reconstruction and Development responded to Sadyr Japarov’s request.

According to the Foreign Affairs Ministry, The Ambassador Extraordinary and Plenipotentiary of the country to the UK Ulan Dzhusupov met with the EBRD Secretary General Kazuhiko Koguchi in London.

The purpose of the meeting was to discuss topical issues of cooperation between Kyrgyzstan and the bank, in particular, the initiative of Sadyr Japarov to exchange external debt for the implementation of green initiatives, including projects in the field of climate change and green economy.

Ulan Dzhusupov noted that Kyrgyzstan attaches priority to sustainable development issues. He said that the main mechanism for green development and combating climate change for the country was its rich hydro potential, which is used by only 10 percent and requires large investments.

According to the diplomat, the republic can offer great opportunities in the construction of solar and wind power plants, as well as projects in other areas of the green economy, in particular, green transport, green agriculture, and green industry.

Several infrastructure projects for the construction of small hydropower plants, including the construction of the Upper Naryn cascade, have been transferred to the EBRD.

Kazuhiko Koguchi informed that the EBRD was ready to consider the submitted projects, and noted that the bank was interested in implementing green projects in Kyrgyzstan, including participation in the modernization of the energy sector and hydropower projects. According to him, this is very important for the global fight against climate change.