WB to provide USD 50 mln to Batken Oblast’s development

Bishkek, June 20, 2022. /Kabar/. The World Bank will provide $50 million for the development of Batken Oblast of Kyrgyzstan, the press service of the Kyrgyz Parliament reported. Members of the Committee on Foreign Affairs, Defense, Security and Migration considered and approved on Monday the draft law "On ratification of the Agreement on Financing between the Kyrgyz Republic and the International Development Association (the World Bank) for the second project "Regional Economic Development" in Batken Oblast, signed on April 20, 2022 in the city of Washington" in the first reading. Deputy Minister of Economy and Commerce of Kyrgyzstan Choro Seitov presented information about the bill. Based on the draft law, the World Bank is supporting Kyrgyzstan in improving access to basic municipal services, enhancing the competitiveness of selected agricultural value chains and SME activity in Batken Oblast. The total funding amount is $50 million ($25 million grant and $25 million loan). The loan is provided for a term of 38 years, at 0.75%, the grace period is 6 years. During the discussion, MP Aibek Osmonov noted that the draft law outlines the creation of new jobs. "In what areas will new jobs be created?" he asked. Deputy Minister Seitov replied that jobs will be created in the area of agricultural processing and agro-sector.