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ADB Highlights Private Sector Role in Driving Growth in the Kyrgyz Republic

BISHKEK and CHOLPON-ATA, THE KYRGYZ REPUBLIC (September 15, 2008). The private sector has a key role to play in the future growth of the Krygz Republic and continued efforts must be made to attract more private investment to the country, says Mr. Paul Curry, Asian Development Bank (ADB), Alternative Executive Director.

Mr. Curry recently visited the country for three days where he held meetings with the Minister of Economics and Finance; the Minister of Economic Development and Trade; Ministry of Transport and Communication and officials from other department.

In the course of his visit he discussed a wide range of topics, including the challenges posed by high food and energy prices, as well as ongoing ADB development projects.

Mr. Curry stressed the increasing importance of the private sector as a driver for long-term economic growth, and the need for the country to focus on ADB’s investment climate improvement program.

The program covers three core policy areas, namely cutting administrative barriers and compliance costs; improving access to finance and leasing; and improving infrastructure services through public-private partnerships.

“Combined, these measures will significantly improve the potential for investment growth,” he said.

In his visit to Issyk-Kul, Mr. Curry said ADB is planning to implement the Issyk-Kul Sustainable Development Project in 2009 which will help to generate jobs and income, while preserving the environment.

ADB began its operations in the Kyrgyz Republic in 1994 and established the Kyrgyz Resident Mission in April 2000. As of 30 June 2008, ADB had approved 26 loans and five grants for project financing totaling $670 million equivalent; and 68 technical assistance grants, amounting to about $40 million. The country has also received seven Japan Fund for Poverty Reduction grants, amounting to $7 million.

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