JULY 4, 2007

JULY 4, 2007 The Islamic Development Bank has signed with Kyrgyz Republic, a Loan Agreement of US$ 12 million for financing 110 KV Aigul – Tash to Samat Transmission Line and Substation Project.

The project, approved by the IDB in April 2007 will provide reliable and sustainable supply of electricity to the consumers in the remote region of Batken district, which has a population of over 100,000 people. The project will help to bring economic development in the areas served by the power supply system.
H.E. Dr. Ahmad Mohamed Ali, the President of IDB, who signed the agreement with the Finance Minister during his visit to Kyrgyz Republic on 4 July 2007, at the invitation of the President of the Kyrgyz Republic, met with high officials of Kyrgyz Republic and participated in the launching of the pilot project for establishing an Islamic bank, through a technical assistance grant approved recently.
The meetings of the IDB President with Kyrgyz officials focused on ways and means to enhance cooperation between Kyrgyz Republic and the IDB.
To date, total IDB Group financing in the Kyrgyz Republic amounts over US$ 86 million, of which 95% goes for the financing of public sector projects focusing mainly on the transport and communications (43%) and energy (26%). The remaining part is directed to finance the various sectors of the economy.