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    Money Economics Kyrgyzstan

    World Bank greenlights $35mn boost for agri-food clusters in Kyrgyz Republic

    World Bank greenlights $35mn boost for agri-food clusters in Kyrgyz Republic

    The World Bank's Board of Executive Directors has approved a $30mn financing package for the Resilient Agri-food Clusters Development Project in the Kyrgyz Republic, World Bank reported. This funding will be complemented by an additional $5mn grant from the Global Agriculture and Food Security Program (GAFSP), bringing the total financial assistance to $35mn.

    Photo: World Bank approves $35mn boost for Kyrgyz Republic's agri-food clusters
    Source: Mirzo Ibragimov / LinkedIn 

     

    The primary objective of this initiative is to enhance the productivity and climate resilience of dairy and horticulture agri-food clusters within the Kyrgyz Republic. Recognizing the pivotal role of agriculture in the country's economy, the World Bank has prioritized the sector alongside energy and water in its new 2024-2028 Country Partnership Framework.

    Tatiana Proskuryakova, World Bank Regional Director for Central Asia, underscored the importance of this project, stating; 

    "The new project marks the beginning of a series of initiatives designed to support the Cabinet of Ministers' vision for a modernized, competitive, and climate-resilient agricultural sector."

    The Resilient Agri-food Clusters Development Project will provide support to producers, processors, and other value chain participants, facilitating improvements in production quality, volumes, and market access. Key components of the project include investment loans for selected agri-food clusters, training and capacity building, seed system enhancement, livestock breeding, and information management system improvement. Moreover, it will focus on climate adaptation and mitigation strategies through the adoption of improved technologies and practices.

    Photo: 8,000 direct beneficiaries set to benefit from World Bank's initiative
    Source: Google Images

     

    An estimated 8,000 beneficiaries within the agricultural value chain will directly benefit from this project, with an additional 20,000 individuals benefiting indirectly. Direct beneficiaries will include individual farmers, producer groups, small and medium processors, and other stakeholders in dairy and horticulture agri-food clusters. The indirect beneficiaries encompass farming communities, household members of loan and training recipients, and other value chain stakeholders, contributing to job creation and income generation opportunities in rural areas.

    The project will be implemented through 2029 by the Ministry of Water Resources, Agriculture, and Processing Industry and the Ministry of Finance of the Kyrgyz Republic. It will be supported by the International Development Association (IDA), the World Bank's concessional lending arm, through a zero-interest shorter maturity loan, with repayments spread over 12 years and a six-year grace period. Stringent international standards, including procurement and financial management regulations, as well as anti-corruption guidelines, will be enforced throughout the implementation process.

    The overarching mission of the World Bank is to alleviate extreme poverty and foster shared prosperity on a sustainable planet. Currently, the World Bank's program in the Kyrgyz Republic comprises 25 projects aimed at modernizing and developing various sectors, with total commitments exceeding $1.1bn.

     

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    09.04.2024, 13:01   Comments (0)   1689
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