WB Allocates Funding For Kyrgyzstan's Kambarata-1 HPP Feasibility Study Upgrade
Date
11/16/2023 12:22:17 AM
(MENAFN- Trend News Agency) BISHKEK, Kyrgyzstan, November 16. An agreement
between Kyrgyzstan and the World bank (WB) has been signed for the
provision of technical assistance to update the feasibility study
of the Kambarata-1 Hydropower plant (HPP) construction, Trend reports.
The document was signed by Kyrgyzstan's Minister of Finance,
Almaz Baketaev, and the WB Country Manager for Kyrgyzstan, Naveed
Hassan Naqvi. The assistance funding will total $5 million.
The project aims to support the implementation of the
Kambarata-1 HPP by updating and refining the existing technical and
economic justifications for the project. Additionally, during the
meeting, discussions were held regarding ongoing energy projects as
well as future steps for implementing new potential investment
projects.
On October 31, the WB announced that the funding for this
project is facilitated through the International Development
Association (IDA) under highly favorable terms. Of the total
funding, $3 million is a zero-interest loan, with repayments
stretched over 50 years and a 10-year grace period. Moreover, $2
million is allocated as a grant from a fund supported by multiple
donors, which does not require repayment.
The WB anticipates that the Kambarata-1 HPP will be among the
most effective endeavors to increase the availability of clean
energy, not only in Kyrgyzstan but also across the wider Central
Asia region. This project holds the potential to address the
country's energy security concerns and generate substantial income
through energy exports.
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