VIENNA, 15th May, 2023 (WAM) — The Kyrgyz Republic will benefit from improved transportation links thanks to a US$15 million loan by the OPEC Fund for International Development (OFID) to reconstruct the Suusamyr-Talas-Taraz road. The project, jointly financed with the Islamic Development Bank (IsDB) and the Saudi Fund for Development, will improve domestic and regional connectivity and integration. Speaking at the signing of the loan agreement during the IsDB Annual Meeting in Jeddah, OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said, “The upgraded road will support regional trade and the development of tourism. It will contribute to the overall socio-economic well-being of the Kyrgyz Republic and the Eurasia region. Today we are signing the fourth phase of this project after the successful conclusion of three earlier stages of development. This demonstrates the excellent cooperation and delivery among all partners involved.” The Suusamyr-Talas-Taraz road is nearly 200 km long and crosses the country from east to west. Once the final 83 km are finalised under phase four, access to neighbouring Kazakhstan will vastly improve, creating potential new markets for the more than 270,000 inhabitants primarily working in agriculture and light industry. Improved connectivity facilitates the movement of goods, services and people, boosting trade and tourism, creating jobs and increasing economic growth. In addition, efficient transportation infrastructure can enhance access to basic services such as healthcare, education and emergency services, improving the population’s overall wellbeing. Improving connectivity and transportation is a strategic priority of the Kyrgyz National Development Strategy (2018-2040) and critical to the country’s economic development. As a landlocked country, the Kyrgyz Republic heavily relies on road and air transportation to connect externally and link its regions. The OPEC Fund has supported development operations in Kyrgyzstan since 1997 by extending loans and grants in transportation, education, health and agriculture. To date, the OPEC Fund has provided seven private sector loans for close to US$50 million in the Kyrgyz Republic. The OPEC Fund was established in January 1976 by the then 13 member countries of OPEC, including the United Arab Emirates. The development finance institution is established as an aid channel to developing countries.
Source: Emirates News Agency