OPEC Fund loan to upgrade key road in the Kyrgyz Republic, improve connectivity

OPEC Fund loan to upgrade key road in the Kyrgyz Republic, improve connectivity

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