The OPEC Fund for International Development (OFID) has signed a $10mn public sector loan agreement with Kyrgyzstan to co-finance the reconstruction of Issyk-Kul road at the road’s Korumdu-Balbay section.
The Issyk-Kul road supports Kyrgyzstan’s tourism sector as it connects to Issyk–Kul lake, the world’s second-largest saline lake. It attracts around 1mn tourists annually, which accounts for 70% of the country’s annual tourist visits.
The project will upgrade and widen an 80km section of the Balykchy-Karakol-Balykchy Ring Road - the road serves 17 urban and semi-urban settlements populated by 700,000 people. The project also seeks to build 12 bridges and 212 culverts.
"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,” OPEC Fund director-general Abdulhamid Alkhalifa said. “The OPEC Fund is pleased to grow its commitment to Kyrgyzstan and we look forward to partnering on future projects."
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