Project on improvement of the investment climate is being implemented for 6 years and got financed for $125 million

02.04.2018

The project on improvement of the investment climate is being implemented for 6 years and for this time, ADB provided almost $125 million as loan to support all important reforms. About this the vice president of the Asian Development Bank Zhang Wenqai said.

According to him, for several years the Asian Development Bank has been working with the government on projects in such sectors as energy, transport, and education.

"We also support these reforms, including a project to improve the investment climate, which is very important. These are attempts to increase financial access to loans for small and medium-sized businesses in order to support financial involvement, coverage, and diversify the economy. We supported the government in attracting private investment, including foreign direct investment," he said.

According to ADB Vice-President, the bank supports the government in initiating projects within the framework of public private partnership.

"We also use this program to help reduce the level of corruption, reduce the cost of doing business. As you know, the state still needs to do a lot of work in order to facilitate business. How can we facilitate procedures for the private sector so that they can conduct business in the country? This remains a very important issue and with the help of the program we support a lot of reforms. Of course, there are many unfinished reforms, the government needs to take additional reforms to improve the environment for attracting private investment and of course, additional efforts should be made by the state to diversify the country's economy," he said.

As Mr. Wenqai added, it is necessary to make sure that the new strategy of ADB's cooperation with the government for the next 5 years will be consistent and will be consonant with the new national development strategy of Kyrgyzstan.

"This program will support the project of the state" 40 steps of a new era. I know that the government is working on a long-term strategy until 2040. I think, we need to think about how we can support the priorities of the state within the framework of the 6-year program and long-term strategy until 2040," he said.

Reported by Tazabek (Kyrgyzstan).