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Housing

Kyrgyzstan and Islamic Development Bank Strengthen Economic Ties

Strategic Insights

— 1 min read

During a working visit to Algeria, Daniyar Amangeldiev, First Deputy Chairman of the Cabinet of Ministers of Kyrgyzstan, met with IsDB President Dr. Muhammad Al Jasser to discuss the current status of joint projects and prospects for further cooperation between Kyrgyzstan and the Islamic Development Bank (IsDB). The meeting highlighted the economic growth and credit ratings of the Kyrgyz Republic, with a focus on successful partnerships, such as the CASA-1000 energy project. The parties also discussed affordable housing financing and the construction of the Kambarata HPP-1 hydropower plant, a high-priority project for Kyrgyzstan. The meeting demonstrated the IsDB's commitment to supporting Kyrgyzstan's social and economic development.

Key Takeaways:

  • Daniyar Amangeldiev emphasized the economic indicators of the Kyrgyz Republic, including stable economic growth and improved credit ratings from Moody's and SandP to a A level.
  • The CASA-1000 energy project was highlighted as a successful partnership between Kyrgyzstan and the IsDB, demonstrating the bank's commitment to supporting the country's economic development.
  • The construction of the Kambarata HPP-1 hydropower plant is one of the most urgent and high-priority projects for Kyrgyzstan, with preparatory work currently being financed from the state's own resources.
  • The IsDB President expressed the bank's willingness to participate in new mutually beneficial projects and continue providing comprehensive support for Kyrgyzstan's social and economic development.
  • The affordable housing financing project, involving an agreement worth $79 million signed in 2024, is an area of focus for cooperation between Kyrgyzstan and the IsDB.
  • The IsDB President assured that the bank pays close attention to the needs and priorities of the Kyrgyz Republic.

Statistics:

  • Kyrgyzstan's credit rating has been improved to A level by Moody's and SandP.
  • The CASA-1000 energy project is a successful partnership between Kyrgyzstan and the IsDB.
  • The affordable housing financing project agreement signed in 2024 is worth $79 million.
  • Preparatory work for the Kambarata HPP-1 hydropower plant is currently being financed from the state's own resources, with an expected completion by the end of May 2025.

Sources:

  • 24.kg News Agency
  • Islamic Development Bank

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