Bishkek: The OPEC Fund for International Development (OFID) has signed a US$10 million public sector loan agreement with Kyrgyzstan to co-finance the ‘Reconstruction of Issyk-Kul Road at a Section of Korumdu-Balbay Project’, to enhance connectivity, which is essential for increased economic opportunities, particularly in tourism, and to improve living conditions, WAM reported.
Lake Issyk–Kul is the world’s second-largest saline lake, and has been designated a biosphere reserve by the United Nations Educational, Scientific and Cultural Organisation (UNESCO).
It attracts about 1 million tourists annually, 70 percent of the country’s annual tourist visits, and is a major economic driver in the region. The project will upgrade and widen an 80km section 2N of the Balykchy-Karakol-Balykchy Ring Road, which serves 17 urban and semi-urban settlements populated by some 700,000 people.
Other works include the construction of 12 bridges and 212 culverts, which will help divert mountain run-off for use in crop irrigation and raising livestock.
OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said, “This project aligns with Kyrgyzstan’s development strategy and will provide its population with reliable and less expensive road transport. The improved stretch will help increase connectivity, improve safety in the mountainous Issyk–Kul region, and foster national and regional connectivity. The OPEC Fund is pleased to grow its commitment to Kyrgyzstan and we look forward to partnering on future projects.” OFID was established in January 1976 by the then 13 member countries of OPEC; including the United Arab Emirates. – Agencies
