First Deputy Chairman of the Cabinet of Ministers of Kyrgyzstan, Adylbek Kasymaliev, has secured a $79mn project for social housing through the mortgage lending system. The project, titled "Financing of affordable housing according to Sharia standards," marks a step in the government's commitment to providing affordable housing for its citizens.
The agreement was signed with the Islamic Development Bank (IsDB) during a meeting between Kasymaliev and IsDB President, Mohammed Sulaiman Al-Jasser. This initiative underscores the prioritization of affordable housing within state policy, with Kasymaliev emphasizing its importance during the signing ceremony.
The meeting also served as a platform to discuss bilateral cooperation between Kyrgyzstan and the Islamic Development Bank. With 27 projects already implemented, totaling over $500mn, and an additional $200mn worth of projects in progress, both parties discussed the potential for further collaboration across various sectors.
Of particular note was the emphasis on energy projects, with Kasymaliev presenting the ambitious Kambar-Ata HPP-1 project. Described as one of the largest energy endeavors in Central Asia, the project holds strategic significance for Kyrgyzstan. Kasymaliev extended an invitation to IsDB leadership to participate in the International Energy Investment Forum, scheduled to take place in Vienna, Austria, in early June.
In response, the IsDB director acknowledged the importance of the Kambar-Ata HPP-1 project for the region and expressed willingness to explore financing options within a consortium framework.
Kasymaliev's working visit to Riyadh, Kingdom of Saudi Arabia, forms part of broader engagements with the Islamic Development Bank Group. Scheduled to attend the 49th Annual Meeting of the Governors, Kasymaliev aims to leverage these discussions to further enhance bilateral ties and explore avenues for financial cooperation.
In addition to his participation in the annual meeting, Kasymaliev is set to hold bilateral meetings with key figures from financial institutions and international companies, underscoring Kyrgyzstan's commitment to fostering robust partnerships for sustainable development.
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