Kyrgyzstan To Get $500 Million From World Bank In The Next Five Years

11/1/2023 3:12:04 PM

(MENAFN- AzerNews) The World bank Group announced a new five-year Country Partnership Framework (CPF) for the Kyrgyz Republic that defines the strategic focus of the World Bank's engagement with the country around job creation, natural resource management, and improving human capital outcomes, Azernews report, citing 24 News Agency.

The Country Partnership Framework lays out a selective and flexible program for World Bank assistance.

((The World Bank has been a trusted partner of the Kyrgyz Republic for the last 30 years. The new Country Partnership Framework responds to the Kyrgyz Republic's National Development Strategy to 2040 and the National Development Program for 2022-2026. The new partnership strategy will reinforce the efforts of the Cabinet of Ministers to modernize the economy, promote inclusive growth, and build a more prosperous future for all,)) the Kyrgyz Republic's Minister of Finance Almaz Baketaev said.

((The World Bank is proud to support Kyrgyz Republic's ambitious and well-articulated reform agenda,)) said Tatiana Proskuryakova, World Bank's Regional Director for Central Asia. ((Under our new Country Partnership Framework, we will support the country's economic transformation with policy advice, technical assistance, and planned project financing of around $500 million. New investments will focus on the key priority sectors of energy, water, and agriculture to create a better and more sustainable future for the citizens of the Kyrgyz Republic.))

The new CPF is centered around three core pillars aimed at delivering tangible development outcomes including:

Increasing private sector-led job creation;
Improving access to sustainably managed natural resources;
Enhancing human capital and economic empowerment of vulnerable population groups.

The CPF also includes a strong focus on key global challenges including strengthening climate resilience and reducing emissions; closing gender gaps; supporting jobs and economic transformation; strengthening institutions; and reducing fragility risk.

((The Kyrgyz Republic needs to urgently develop a dynamic private sector that can support sustainable productivity growth and create jobs across the country,)) said Wiebke Schloemer, IFC Director for Türkiye and Central Asia. ((IFC will continue to help increase the private sector's share in the economy by supporting corporate governance, aiding the privatization process, helping improve access to finance with the focus on women-owned businesses and climate action, and bolstering public-private partnerships for infrastructure and energy sector development.))

The World Bank's overall mission is to end extreme poverty and promote shared prosperity on a livable planet. The World Bank's program in the Kyrgyz Republic currently consists of 22 projects supporting the modernization and development of various sectors, with commitments of over $1 billion.

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