President Sadyr Japarov has officially ratified the law of the Kyrgyz Republic regarding the additional financing for the CASA-1000 Central Asian-South Asian Electricity Transmission and Trade Project, the presidential press service reported.
The law, adopted by the Jogorku Kenesh (Supreme Council) on June 27, 2024, authorizes the ratification of two financial agreements aimed at advancing regional electricity trade.
The ratified agreements include:
- Financing Agreement with the International Development Association (IDA): Signed on March 6, 2024, this agreement provides Kyrgyzstan with a loan of $18.3mn. The loan carries a 0% interest rate for 50 years, with a 10-year grace period.
- Loan Agreement with the Islamic Development Bank (IsDB): Signed on April 21, 2024, this agreement allocates $13.0mn to Kyrgyzstan. It features an interest rate of 1.5% per annum for 25 years, including a 7-year grace period.
The law aims to fulfill the domestic procedural requirements for the ratification of these agreements, which are crucial for the implementation and expansion of the CASA-1000 project. This initiative is expected to enhance electricity transmission and trade between Central and South Asia, fostering regional cooperation and energy security.
The CASA-1000 project is a major regional endeavor designed to transmit surplus electricity from Central Asia to South Asia, promoting energy stability and economic growth across the participating countries.
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