(MENAFN- Trend News Agency) BISHKEK, Kyrgyzstan, April 25. Kyrgyzstan andthe Asian Infrastructure Investment Bank (AIIB) have agreed toestablish a bilateral working group for the financing of theKambarata-1 hydropower plant (HPP) construction, Trend reports.
According to the Cabinet of Ministers, the decision was madefollowing negotiations between the Chairman of the Cabinet ofMinisters of Kyrgyzstan, Akylbek Japarov, and the President of theAIIB, Jin Liqun, in Washington.
During the meeting, Japarov emphasized that the Kambarata-1 HPPwould have the greatest possible positive influence on Kyrgyzstanand the Central Asian area as a whole. Japarov suggested to thehead of the AIIB to take part in funding the project'sconstruction.
In response, the president of the AIIB stated that, thissituation is a clear indication of the gravity and scope of theKambarata-1 HPP, guaranteeing its success, given that the WorldBank Group would initially fund $500 million and will continue tooversee the project. He stated that the bank is fully prepared totake part in funding this exciting endeavor.
A delegation led by Chairman Japarov is currently in Washingtonto participate in the spring meetings of the boards of governors ofthe International Monetary Fund (IMF) and the World Bank Group(WBG).
The Kambarata-1 HPP on the Naryn River is the largesthydroelectric project in the country. This HPP, which is expectedto become one of Central Asia's largest hydropower ventures, willhave a capacity of 1,860 MW and a reservoir volume of 5.4 billioncubic meters, with an annual electricity generation of 5.6 billionkWh.
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