EU to allocate $1 billion for construction of Kambar-Ata 1

The European Union will allocate $1 billion for the construction of Kambar-Ata 1. The Ministry of Energy of Kyrgyzstan reported.

According to the ministry, Energy Minister Taalaibek Ibraev visited Brussels, Belgium, on October 9-10, where he participated in the Global Gateway Forum.

During the event, he held meetings with international financial institutions and the Energy Ministers of Kazakhstan and Uzbekistan to discuss the progress of Kambar-Ata 1 hydropower plant project.

In this regard, the EU agreed to allocate a total of $2.4 billion to Kyrgyzstan, Uzbekistan, and Kazakhstan to finance the project and signed a bilateral agreement with the three countries.

Two memorandums were signed after the European Union expressed its willingness to allocate $1 billion to the Kyrgyz Republic:

1. A Memorandum of Understanding between the Ministry of Energy of the Kyrgyz Republic and the European Investment Bank on financing Kambarata HPP 1 project. During the negotiations, financing for the project in the amount of up to $500 million was agreed upon.

2. A Memorandum of Understanding between the Ministry of Energy of the Kyrgyz Republic and the European Bank for Reconstruction and Development on financing Kambarata HPP 1 project. The document provides for financing of up to $500 million.