BAKU, Azerbaijan, February 24. Russian - Kyrgyz Development Fund is going to finance the construction of the Kulanak hydropower station (HPS) with a capacity of 100 megawatts in the Naryn region of Kyrgyzstan, Trend reports with reference to the Fund.
The decisions, determining the further course of the Russian - Kyrgyz Fund, were made during the face-to-face meeting of the Fund Board in Moscow, on February 20.
Following the meeting, the Fund approved the financing of two projects for $89 million. The total cost of the projects was set at $250 million.
As the message says, the launch of the Kulanak HPS in the central part of the country will contribute to the energy security of Kyrgyzstan and aid to decrease energy deficiency in the country by 18 percent. The project will also create 770 new jobs during the construction period, and 97 after the HPS’s launch.
In the frame of the second project, the Fund plans to allocate $45 million for the construction of a new high-tech cement plant in the Chuy region in northern Kyrgyzstan. Its capacity is expected to be 1.5 million tons of cement per year and substitute the imports of cement for more than $47 million per year. Reportedly, some 450 new jobs will be created following the project.
The goal of the Russian-Kyrgyz Development Fund is to support economic cooperation between Kyrgyzstan and Russia, as well as modernize and develop the Kyrgyz economy.
The Fund acts as the main tool of Kyrgyzstan’s integration into the Eurasian Economic Union (EAEU).