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Arab Coordination Group to invest $ 357 million in projects in Kyrgyzstan

Representatives of the Arab Coordination Group arrived in Kyrgyzstan. The Arabs are interested in projects in which they could potentially invest.

The delegation includes the Vice President of the Islamic Development Bank Sayed Aqa, the representative of the Saudi Development Fund Abdullah Al-Huatter, the Regional Manager for Central Asia and Europe of the Kuwaiti Fund for Arab Economic Development Yousef Al-Bader, and the representative of the OPEC fund Ahli Al-Hunaif.

Arab businessmen started their meetings with the leadership of Kyrgyzstan the day before. The Vice President of the Islamic Development Bank met with the Prime Minister Sooronbay Jeenbekov and the First Deputy Prime Minister Mukhammetkaly Abulgaziev.

The head of government called on the IDB to consider the possibility of providing financial and technical assistance to Taza Koom project and the new National Sustainable Development Strategy of Kyrgyzstan until 2040.

He also expressed readiness for further close interaction, including the preparation of a strategic program of cooperation between the IDB and the Kyrgyz Republic, designed for a period from three to ten years.

The Government of the Kyrgyz Republic is also ready to participate in the programs of the Lives and Livelihoods Fund. The Prime Minister noted that Kyrgyzstan is interested in the introduction of new financial instruments, in particular Islamic securities sukuk. The necessary changes have already been introduced into the legislation.

The third roundtable discussion was held today with the participation of the Arab Coordination Group. The government presented 23 priority projects worth $ 681 million in the areas of health, social security, water and irrigation issues, agriculture, transport and the energy sector.

At the end of the meeting, a protocol was signed, which defined the areas of cooperation and the possibility of financing priority projects in Kyrgyzstan.

Vice President of the Islamic Development Bank Sayed Aqa noted that the talks were quite successful and fruitful. As a result, it was decided to finance projects for $ 357 million.

«This does not mean that we do not want to finance other projects. We just need time to study all the documentation and conduct negotiations. This work will be completed at the end of the summer, and we hope that we will come to an agreement and support the remaining projects," Sayed Aqa said.