ADB, Kyrgyzstan discuss poverty reduction, inclusive growth

/AzerNews/

By Aynur Jafarova

The Asian Development Bank (ADB) and Kyrgyz top officials sat for talks over the bank's support for the government's development agenda, and the need to continue the focus on poverty reduction and inclusive growth.

The discussions were held during ADB President Takehiko Nakao's two-day visit to the country where he met with Kyrgyz President Almazbek Atambayev and Prime Minister Djoomart Otorbayev, ADB said on November 5.

As part of his visit, Nakao also gave a keynote address at the 13th Ministerial Conference of the Central Asia Regional Economic Cooperation (CAREC).

In his speech, Nakao talked about the economic development and poverty reduction during Kyrgyzstan's 20-year partnership with ADB and appreciated the successful transition to democratic systems and return to growth path in recent years.

"To build on this momentum, the government needs to promote reforms to improve the climate for private sector investment. It should also deliver equal access to economic opportunities, a quality education, as well as better infrastructure," he said.

ADB supports the Kyrgyz government by helping it reform its legal and regulatory frameworks to improve the business environment, expand availability of affordable finance, and increase access to electricity. ADB operations are aimed at creating new working places and reducing gaps between regions in basic infrastructure and services.

One of the important electricity projects of ADB is providing a $110-million support for the second phase of the project on Toktogul hydropower plant rehabilitation. The plant produces about 40 percent of the country's power supply. This will also facilitate the expansion of trading of electricity in the region.

Kyrgyzstan joined ADB in 1994. As of September 2014, ADB has granted over $1.3 billion in loans and credit to the government.

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members, including 48 from the region.

In 2013, ADB assistance totaled $21 billion, including co-financing of $6.6 billion.