Kyrgyz Parliament Approves Agreement With IDA For Renewable Energy Financing

(MENAFN- Trend News Agency) BISHKEK, Kyrgyzstan, April 13. The Kyrgyzparliament has approved in its first reading a law on the financingagreement for energy projects in the country with the InternationalDevelopment Association (IDA), Trend reports.

"In the first reading, the budget, economic, and fiscal policycommittee of the Kyrgyz parliament reviewed and approved theFinancing Agreement between Kyrgyzstan and the InternationalDevelopment Association, signed on January 23, 2024, in the city ofBishkek (the Renewable Energy Development Project in Kyrgyzstan),and the agreement between Kyrgyzstan and the InternationalDevelopment Association, acting as an accredited entity of theGreen Climate Fund, signed on January 29, 2024, in the city ofBishkek," the Parliament reports.

According to the Deputy Minister of Energy, Taalaibek Baigaziev,the Renewable Energy Development Project in Kyrgyzstan involvesattracting funds from the IDA amounting to $80.2 million, of which$67.7 million is a loan from the IDA, $10 million is a loan fromthe Green Climate Fund (GCF), and $2.5 million is a GCF grant.

As per the agreement, the official noted, hydroelectric powerstations will be rehabilitated, and new hydroelectric power plantswill be built, totaling $43.2 million. The agreement also allocatesfunds ($36.5 million) for the development of renewable energy,modernization, and strengthening of the correspondinginfrastructure. Additionally, we have allocated $1.5 million forinstitutional strengthening and support during projectimplementation.

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