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ADB Ready to Help Kyrgyz Republic Counter Crisis, Says VP

BISHKEK, THE KYRGYZ REPUBLIC (19 March 2009) - Asian Development Bank's Vice President Xiaoyu Zhao stressed the need for closer regional cooperation to help combat the impacts of the global economic crisis during a visit here where he met Prime Minister Chudinov and other high level government officials for talks.

He also discussed broader development challenges facing the country during his March 18 visit. He was accompanied by Sean O'Sullivan, Deputy Director General of ADB's Central and West Asia Department. Other officials involved in the talks included the Marat Sultanov, ADB Governor and Minister of Finance, the Minister of Economic Development and Trade.

Prime Minister Chudinov detailed the country's economic achievements in 2008, while noting that the full impact of the global crisis will be felt this year. He thanked ADB for its swift and flexible response to the crisis, including the timely reallocation of a US $22.5 million loan from a cancelled project to the strategic Bishkek-Torugart road project.

Vice President Zhao stressed the need to continue to grow the economy in an inclusive way in order to cut poverty and support development, and he also underlined the importance of countries pulling together during a difficult period.

"Countries in the region need to cooperate to overcome the crisis situation and ADB stands ready to help Kyrgyz Republic as needs arise in future," says VP Zhao. This could include budget support in future.

Vice President Zhao also reaffirmed ADB's commitment to private sector-led growth in the Kyrgyz Republic.

Under its country work program for 2009-2010, ADB plans to extend $120 million for public infrastructure which will help generate more jobs and income.

ADB began its operations in the Kyrgyz Republic in 1994 and established the Kyrgyz Resident Mission in April 2000. As of 1 March 2009, the country has received 26 loans worth $603.5 million; 10 grants worth $134 million; and 71 technical assistance grants, amounting to about $41.2 million.

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