Kyrgyz president ratifies law for CASA-1000 project financing, securing $31.3mn in loans
President Sadyr Japarov has officially ratified the law of the Kyrgyz Republic regarding the additional financing for the CASA-1000 Central Asian-South Asian Electricity Transmission and Trade Project, the presidential press service reported.
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The law, adopted by the Jogorku Kenesh (Supreme Council) on June 27, 2024, authorizes the ratification of two financial agreements aimed at advancing regional electricity trade.
The ratified agreements include:
- Financing Agreement with the International Development Association (IDA): Signed on March 6, 2024, this agreement provides Kyrgyzstan with a loan of $18.3mn. The loan carries a 0% interest rate for 50 years, with a 10-year grace period.
- Loan Agreement with the Islamic Development Bank (IsDB): Signed on April 21, 2024, this agreement allocates $13.0mn to Kyrgyzstan. It features an interest rate of 1.5% per annum for 25 years, including a 7-year grace period.
The law aims to fulfill the domestic procedural requirements for the ratification of these agreements, which are crucial for the implementation and expansion of the CASA-1000 project. This initiative is expected to enhance electricity transmission and trade between Central and South Asia, fostering regional cooperation and energy security.
The CASA-1000 project is a major regional endeavor designed to transmit surplus electricity from Central Asia to South Asia, promoting energy stability and economic growth across the participating countries.