Parliament greenlights ADB funding for road reconstruction
The Parliament of Kyrgyzstan has recently approved the receipt of $109.5 million from the Asian Development Bank (ADB) for the reconstruction of the Issyk-Kul ring road from Barskoon to Karakol. This decision was made in the third reading of the bill, with the background statement outlining that ADB will provide $87 million as a loan for 32 years with an 8-year grace period. The interest rate on the loan during the grace period will be 1 percent, then 1.5 percent per annum, while the remaining amount will be provided as a grant.
The total funding for the project is $137.04 million, with $27.54 million being provided as co-financing by the Cabinet, or exemption from taxes and fees. The project aims to build a four-lane road with a width of 3.5 meters each, along with the construction of sidewalks, bus stops, street lighting, irrigation ditch trays, and the reconstruction of bridges.
Additionally, the project will include the creation of rest areas, including charging stations for electric vehicles, the implementation of a business accelerator program for women, and the strengthening of institutional capacity in the field of road asset management, road safety, and decarbonization.
This initiative is seen as a significant step towards improving transportation infrastructure in the region and promoting sustainable development. Nargiza Tokoeva reporting for 24.kg news agency.
