As of October 31, Kyrgyzstan's national debt reached 8 billion 692.52 million dollars, increasing by 2.1 billion dollars since the beginning of the year. External borrowings amount to 5 billion 162.90 million dollars, while internal borrowings total 3 billion 529.62 million dollars. At the same time, external debt has increased by 648.04 million dollars, and internal debt has risen by 1 billion 474.9 million dollars compared to December 31, 2024.
Kaktus.media conducted an analysis of credit and grant agreements signed since the beginning of the year and identified the main donors willing to allocate funds to the republic.
Areas Funded by Loans
Despite significant economic growth and high budget revenues, Kyrgyzstan continues to turn to international donors for financing various projects. The main funds are directed towards projects in areas such as energy, education, and business support.
Here is a list of key organizations and projects for which loans have been provided to the republic:
a loan of 9 million dollars for repaying debts to contractors for the CASA-1000 project;
a loan from the Islamic Development Bank / Islamic Solidarity Fund for inclusive education;
a loan from the Islamic Development Bank for the construction of two substations in the Issyk-Kul region;
an additional loan from the Islamic Development Bank for modernizing the education system and developing inclusive education;
modernization of the "Sulaiman-Too" museum complex funded by a loan from the World Bank;
the Asian Development Bank is providing a loan for improving the water supply system in the Naryn region;
the World Bank approved 121 million dollars for the first phase of the "Universal Access to Water Supply and Sanitation" program;
allocation of 120 million dollars for a project aimed at developing a sustainable financial market for micro, small, and medium enterprises;
the Asian Development Bank will provide 147.2 million dollars for investment projects;
the European Bank for Reconstruction and Development is allocating funds for the modernization of two substations;
an additional loan from the World Bank for updating the feasibility study for the construction of the Kambar-Ata HPP-1;
the European Bank for Reconstruction and Development and the European Union allocated 15.23 million euros for the reconstruction and automation of the Western Big Chui Canal section;
South Korea will provide 500 million dollars for the implementation of socio-economic projects;
the World Bank is providing a loan for the National Community Initiative Project.
Data was collected only for projects reported in the editorial. The actual amount of allocated funds may be higher, as some agreements were reached earlier. Funding will be provided gradually, and tracking the full volume of funds, as well as all financing agreements in Kyrgyzstan, is impossible due to the lack of a unified platform for accounting these data.
Grants for Projects
It should be noted that almost every loan agreement includes a grant component, meaning funds that do not need to be repaid. The full volume of information on grants is often not disclosed; however, we have gathered available data.
Here is a list of key organizations and projects for which grants have been approved for the republic:
Switzerland is allocating over 2.7 million dollars to Kyrgyzstan for reforms in water resource management.
Qatar is providing a grant of 9.2 million dollars for the construction of an additional building for the clinical hospital in Bishkek.
Grants from the Global Partnership for Education and the Islamic Development Bank for inclusive education.
The Asian Development Bank is providing a grant for the development of rural water supply and sanitation in the Naryn region.
The Asian Development Bank will allocate nearly 75 million dollars as grant funding for investment projects in the republic.
The World Bank has allocated an additional grant for updating the feasibility study for the construction of the Kambar-Ata HPP-1.
The European Bank for Reconstruction and Development and the European Union allocated 8.6 million euros for financing the reconstruction and automation of the Western Big Chui Canal section.
The World Bank is providing a grant for the implementation of the National Community Initiative Project.
This is not a complete list, as there are also grants under technical assistance, the amounts of which are not always disclosed, as Kyrgyzstan receives support in the form of equipment, construction, and project preparation.
Main Donors
Since the beginning of the year, Kyrgyzstan has signed agreements for loans and grants totaling 1.2 billion dollars. Of this, 1 billion 93.8 million dollars are loans, while 12.2 million dollars are grants. The largest assistance is expected from South Korea, which plans to invest 500 million dollars in various projects over the next four years.
During the first 18 years of independence, Kyrgyzstan was quite cautious regarding external borrowing. From 1992 to 2009, agreements were signed for a total of 3 billion 69.6 million dollars, while from 2010 to 2023, this volume doubled to 6 billion 210 million dollars.
The total volume of grant funding from 1991 to 2023 amounted to 4 billion dollars. The largest amounts were allocated in 2014-2016, when the republic received 1 billion 69.5 million dollars. The least grants were received by the republic in 1993 and 2002, with 5 million dollars each. The majority of grants were directed towards budget support, totaling 1.3 billion dollars.
In the coming years, Kyrgyzstan does not intend to refuse international assistance. According to the Ministry of Finance, over the next six years, the country plans to borrow 152.3 billion soms, while official transfers (grants and investment grants) are expected to be at the level of 13 billion 484.3 million soms in 2025, gradually decreasing to 685.7 million soms by 2029.
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