ADB approves new project to support development of Kyrgyz economy

BAKU, Azerbaijan, The Asian Development Bank (ADB) has approved a $50-million project to improve the development of Kyrgyz economy, Trend reports citing the ADB’s press service.

Within the framework of this project, which consists of a $25 million grant and a $25 million concessional loan, the ADB will assist Kyrgyzstan in becoming more resilient to external shocks.

“This program will help create an enabling environment for expanding the product and export base of Kyrgyzstan’s economy. The reforms will improve economic opportunities through boosting trade, access to finance, and facilitating the growth of export-oriented businesses,” ADB’s Public Management Specialist Bobir Gafurov said.

In addition, he also underlined that this project will support efforts to strengthen fiscal management and the social protection system.

Notably, since 1994 the Asian Development Bank has allocated more than $1.3 billion for the implementation of development projects in Kyrgyzstan

Source: TREND News Agency