Thursday 5 February 2015

Kyrgyz Republic bags $24m to support energy sector

Kyrgyz Republic bags $24m to support energy sector

The World Bank has approved $24 million (£16m) to support the development of the Kyrgyz Republic’s energy sector.

The energy sector in Kyrgyzstan, officially the Kyrgyz Republic which is located in Central Asia, suffers from deep-rooted structural issues from under spending on maintenance and no new investments in the sector. This has resulted in poor supply and reliability of energy said the bank.

Winter energy shortages are a recurrent theme that has had serious repercussions for the economy and its people the bank added.

The money is from a grant of $10.8m (£7.15m) and a concessional loan of $13.2m (£8.7m).

Jean-Michel Happi, World Bank Country Manager in the Kyrgyz Republic said: "The improved reliability of power supply and the increased financial sustainability of the energy sector are critical for improving the competitiveness of businesses, and will help to improve the quality of life for Kyrgyz people."

Written by

Bruna Pinhoni

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