The head of the World Bank’s representative office in Kyrgyzstan expressed hope that the project will be paid back and cost-effective.
Hugh Riddell, the World Bank’s Country Manager in Kyrgyzstan, told reporters on 15 October about the progress of financing of the Kambar-Ata HPP-1 project. The Bank is aware of the project’s current cost estimate and is working to provide the government with updated technical data, Tazabek reported.
Riddell noted that the previously announced investment amount of $4.5-5 billion is subject to revision based on current market conditions. Despite the adjustments, the bank is optimistic about the economic efficiency and payback of the project.
The World Bank intends to present the project to the board of directors in the current or next fiscal year, which begins on 1 July. The first phase of financing is expected to be implemented by 1 July 2025.
The Head of Mission emphasised that the financing will be done in phases, taking into account the six-year construction period. He also noted the possibility of changes in the implementation of such large-scale projects.
The World Bank is the leading, but not the only investor and organiser of financing of the Kambar-Ata HPP-1 construction project.
