Asman City Construction Delayed: Cabinet Cancels Investor Agreement
Kyrgyzstan Terminates Investment Agreement for Eco-Friendly Asman City Project
Bishkek – On April 30, 2025, the Cabinet of Ministers of Kyrgyzstan announced the termination of the investment agreement for the "Construction of the Eco-Friendly Asman City" initiative. The decision, signed by Chairman Adylbek Kasymaliev, marks a significant turn in the project’s development.
The agreement, originally established in November 2024 with CITIC Merchant and Module House LLC, has been rendered invalid under Order No. 724-r. The specific reasons behind the termination remain undisclosed, raising questions about the future of the ambitious project.
Module House, a key partner in the venture, is led by founders Elaman Toktobekov and Jipargul Bazarbaeva, with Ermek Atantaev serving as its director. The firm specializes in the construction of both residential and non-residential buildings.
CITIC Merchant Corporation Limited, the other partner in the agreement, is a Hong Kong-based financial and industrial conglomerate. It is notable that 58% of CITIC Merchant’s shares are owned by the Chinese CITIC Group.
The Eco-Friendly Asman City project had been touted as an innovative urban development, with President Sadyr Japarov laying the capsule at the construction site back on June 30, 2023. Initial reports estimated the project’s cost at approximately $20 million. In a strong show of government support, the former head of the Cabinet, Akylbek Japarov, announced in November that funding sources totaling $480 million had been secured for the city’s development.
As the situation unfolds, stakeholders and citizens will be keenly observing any further announcements regarding this significant project.
