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Kyrgyzstan|business|September 26, 2016 / 12:40 PM
EFSD Council supports $110mln investment loan to Kyrgyzstan to finance Kambarata HPP-2

AKIPRESS.COM - EDBThe Council of the Eurasian Fund for Stabilisation and Development (EFSD) has held its 28th meeting on September 23 in Moscow.

In that meeting, the EFSD Council members supported an investment loan to the Kyrgyz Republic in the amount of US $110 million to be funded with EFSD resources with the aim to finance the project of Commissioning of the Second Hydroelectric Generating Unit at Kambarata HPP-2.

The endorsed project is essential for the energy security of the Kyrgyz Republic. When put into service, the second hydroelectric generating unit at Kambarata HPP-2 will help alleviate shortage of electricity in the region, especially in winter times, and increase electricity generation, which will reach 1,140 GWh.

The EFSD Council members also supported the Manager’s proposal to develop a new grant mechanism to finance preparation of EFSD investment projects with the Fund’s resources. That would help expand the range of EFSD-supported projects, which are to help address development challenges. The grants are expected to be funded with net profits of the EFSD. In addition, the Manager presented to the EFSD Council its report on performance under the programme for the Republic of Belarus supported with an EFSD financial credit totalling US $2 billion, of which US $800 million have been disbursed so far.

The EFSD Council also approved the Annual Report of the EFSD Resources Manager for 2015, and discussed other issues of the Fund’s institutional development and day-to-day operations.

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