ADB approves $50 Million Program to Diversify Economy in Kyrgyz Republic
The Asian Development Bank (ADB) has approved a $50 million project to help the Kyrgyz Republic diversify its economy to improve growth and make the country more resilient to external shocks.
The project, which consists of a $25 million grant and a $25 million concessional loan, continues ADB’s Promoting Economic Diversification Program, which supports the government in implementing structural reforms to accelerate economic diversification efforts amid significant macroeconomic challenges such as the COVID-19 pandemic.
“Accelerating the Kyrgyz Republic’s economic diversification reforms aimed at moving away from overreliance on gold production and remittances will help the economy to become more resilient to external shocks and improve the country’s medium- to long-term growth trajectory,” said ADB Director General for Central and West Asia Yevgeniy Zhukov.
The project supports reforms to promote trade and investment competitiveness and develop the nonmineral sector, and support small and medium-sized enterprises (SMEs).
The supported reforms will also develop public–private partnerships to improve infrastructure, enhance industry-based skills, and improve fiscal management and social protection mechanisms.
“This program will help create an enabling environment for expanding the product and export base of the Kyrgyz Republic’s economy, ensuring sustainable and more equitable growth,” said ADB Public Management Specialist Bobir Gafurov.
The Kyrgyz Republic joined ADB in 1994. Since then, the bank has committed more than $1.3 billion in loans, $811 million in grants, and $69 million in technical assistance projects.
ADB operations in the country focus on supporting inclusive growth and economic diversification beyond the COVID-19 pandemic, improving access to public and social services, and leveraging regional cooperation and integration.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.
