Finance Ministry and ADB Collaborate on Central Asian Guarantee Fund Development
On July 5, 2024, in Bishkek, the Minister of Finance of Kyrgyzstan, Almaz Baketaev, and the Country Director of the Resident Mission of the Asian Development Bank (ADB) in the Kyrgyz Republic, Zheng Wu, met to discuss the creation of a Central Asian Guarantee Fund. This meeting was reported by the ministry.
During the meeting, two projects totaling $106 million were also discussed and ultimately signed. These projects include the Sustainable Fiscal Management and Governance Improvement Program – Subprogram 1 ($50 million) and the Issyk-Kul Environmental Management and Sustainable Tourism Development ($56 million).
In addition to these projects, the parties also discussed joint plans for the development of the State Development Bank of the Kyrgyz Republic. The Minister of Finance proposed the creation of a Central Asian Guarantee Fund with an office located in the Kyrgyz Republic.
This collaboration between the Minister of Finance of Kyrgyzstan and the Asian Development Bank aims to enhance financial stability and support sustainable development initiatives in the region. The creation of the Central Asian Guarantee Fund signals a step towards further economic cooperation and growth in the area.
