Kyrgyz Minister of Finance meets with representative of IFC

Kyrgyz Minister of Finance meets with representative of  IFC
Published: 15 October 2007

The Minister of Finance Akylbek Zhaparov  has met with  International Finance Corporation vice-president Michel G. Maila to discuss further collaboration. In particular, Mr. Maila noted that the IFC is prepared to put investment capital into Kyrgyzstan’s economy. He said investors are interested in the field of energy, mining, and agriculture. Additionally, the IFC leadership is considering rendering technical assistance in developing the goods and services sector.  
The Minister of Finance proposed three projects to his IFC guests. The first project is the construction of two cement factories in the south and north of Kyrgyzstan. According to Zhaparov, cement is currently in the highest demand. A so-called building boom is underway not only in Kyrgyzstan but also in neighboring Kazakhstan and Russia, and the Minister believes that exporting cement won’t be a problem.  
The second project proposed by Zhaparov concerns the construction of joint small-scale hydro-electric stations. The stations would supply the country with electricity that could also be exported.  
The Minister also stressed the importance of building meat-processing plants, since the quantity of cows, sheep, and goats in Kyrgyzstan has doubled in recent years. The output of the processing plants can be exported abroad. This is especially important because many countries want only processed, prepared agricultural products, explained the minister.