The World Bank Group has officially announced the commencement of a new 5-year partnership program with Kyrgyzstan, marking a significant expansion of their strategic collaboration.
This initiative aims to bolster a range of critical areas, including job creation, natural resource management, and the development of human potential, with an overarching goal of advancing economic growth and inclusivity.
Key details regarding this promising partnership were disclosed through a statement from the World Bank's representative office in the Kyrgyz Republic. The essence of this collaboration is to provide flexible and targeted support to Kyrgyzstan. Finance Minister Almaz Baketaev highlighted the profound alignment of this program with the country's national development strategy until 2040.
"The World Bank has been a reliable partner of the Kyrgyz Republic for 30 years. The new program is in line with the priorities of the national development strategy until 2040 and will strengthen the government’s work to modernize the economy and foster inclusive growth," said Finance Minister Almaz Baketaev.
Tatyana Proskuryakova, the World Bank Regional Director for Central Asia, offered a more in-depth perspective on the financial dimensions of this partnership. The World Bank is set to allocate approximately $500mn to fund projects within the Kyrgyz Republic, with a particular focus on supporting economic transformation. These investments will be strategically directed towards vital sectors like energy, water resources, and agriculture, aiming to create a more sustainable and prosperous future for the nation.
The program's core concentrations include:
Job Creation with Private Sector Leadership: The primary emphasis will be on creating employment opportunities in collaboration with the private sector.
Enhancing Access to Natural Resources: The program will work towards optimizing the management and utilization of the country's natural resources.
Boosting Human Potential for Vulnerable Groups: A fundamental objective is to enhance the capabilities and prospects of vulnerable segments of the population, fostering inclusive development.
In addition to these central themes, the program will also address global challenges, such as climate change, gender inequality, and job creation. With a steadfast commitment to eliminating extreme poverty and promoting prosperity, the World Bank boasts a portfolio of 22 projects in the Kyrgyz Republic, with a collective value exceeding $1bn.
Follow Daryo's official Instagram and Twitter pages to keep current on world news.
Comments (0)