New York, USA, 18 September 2023 – Islamic Development Bank (IsDB) President, H.E. Dr. Muhammad Al Jasser, met Kyrgyz Republic President, H.E. Mr. Sadyr Japarov, on the margins of the 78th Session of the United Nations General Assembly (UNGA) in New York, to strengthen bilateral relations and facilitate socio-economic development projects in the Central Asia member country of the IsDB Group.

Dr. Muhammad Al Jasser spoke highly about the historical relationship between the Kyrgyz Republic and the IsDB Group. He said the Kyrgyz Republic's support for the institution in international meetings, such as the recent GCC – Central Asia Summit in Jeddah, has been exceptional, while the IsDB Group has also been providing significant funding to the country. He said the IsDB Group's total approvals for the country to date amount to US$479.7 million, covering 75 projects, including US$412.4 million in project financing by IsDB, US$46.9 million approved by ICD, US$18 million in trade operations by ITFC, and US$2.4 million by other IsDB Group funds and operations with an active portfolio of 23 projects for a total amount of US$244.6 million. He encouraged the Kyrgyz Republic to become a member of ICIEC, which would allow the Bank Group to provide export and investment insurance for the country.

Dr. Al Jasser informed President Japarov that the IsDB Group has started preparing the Member Country Partnership Study (MCPS) for the Kyrgyz Republic. He said the MCPS will enable the design of tangible programs and projects for the benefit of the people of Kyrgyz Republic, which will also align it with IsDB's new strategic direction and, most importantly, with the national development agenda of the Kyrgyz Republic.

President Al Jasser said cooperation between IsDB and the Kyrgyz Republic could grow significantly following the last ACG roundtable meeting, which identified a pipeline of priority projects with a total amount of US$1.9 billion. He encouraged the authorities of the country to work on resolving critical technical issues, such as improving the portfolio quality, expediting the closure of ageing projects, the greater acceptance of ordinary and blended financing and the timely development of project documents, stating that "IsDB stands ready to finance all the projects once the government accepts IsDB's financing terms.''

The IsDB Chief disclosed that the Bank is processing the Social Housing Project for a total amount of US$100 million and that the Arab Coordination Group mobilized US$400 million (including US$250 million from IsDB and US$150 million from the other ACG members) to be blended with Global Partnership for Education grants (US$100 million) in December 2021.