> ## Content Index > Fetch the complete content index at: https://economist.kg/llms.txt > Use this file to discover other available public pages before exploring further. # EBRD prepares €1B infrastructure program for Kyrgyzstan — interview - URL: https://economist.kg/en/ebrd-prepares-1b-euro-infrastructure-program-kyrgyzstan/ - Published: 2026-11-11T10:00:49.000Z - Updated: 2026-11-11T11:43:19.000Z - Description: The EBRD is discussing a framework agreement with the government of Kyrgyzstan on an infrastructure program estimated at €1 billion. Regional Director Nodira Mansurova discussed potential projects in energy, water, and transport, as well as support for SMEs. - Author: Светлана Бегунова - Tags: Экономика, #en **The new Regional Director of the European Bank for Reconstruction and Development for Kyrgyzstan, Tajikistan, and Turkmenistan, Nodira Mansurova, assumed office in September 2026.** During a media lunch in Bishkek, together with **EBRD Senior Adviser for External Affairs in Central Asia and Mongolia Anton Usov**, she discussed the bank's plans in Kyrgyzstan, the preparation of a new investment program worth roughly €1 billion, projects in energy and transport, and why EBRD business support goes far beyond lending. **You recently took office as the EBRD regional director. What areas will be priorities for the bank in Kyrgyzstan, and what goals have you set for yourself?** **Nodira Mansurova:** The EBRD has strategies that define our operations and investment priorities in each country. In Kyrgyzstan, these are **energy, primarily green energy, infrastructure, and private sector support**, especially for small and medium-sized enterprises. > In infrastructure, we work closely with relevant ministries and state agencies. For us, it is important not only to carry out existing projects, but also to create new opportunities for investment. The EBRD is distinct in that it finances not only major national facilities. We also allocate significant funds to projects that directly **affect the quality of life of people in cities and regions**. For me, it is particularly important that our operational footprint expands. We are already working in Bishkek, Osh, and Issyk-Kul, but we want to more actively support other regions of Kyrgyzstan as well. --- **Does the EBRD plan to launch a large-scale infrastructure investment program in Kyrgyzstan? What might it include?** **Nodira Mansurova:** We are currently working on concluding a framework agreement with the government. For now, the work is at an early stage, as it requires going through internal procedures and approvals on the Kyrgyz side. > The program is expected to cover both energy and non-energy infrastructure projects. Its estimated volume is around €1 billion. This involves not only the EBRD's own funds, but also grant and concessional financing. The program may include water supply, wastewater treatment, transport, and other infrastructure projects, as well as energy initiatives. > For us, such an agreement will become a foundation that will allow us to move forward systematically and speed up project preparation and approvals. **Anton Usov:** Such programs are also important because they make work on large projects **more consistent and transparent** for both sides. When there is an agreed framework, it is easier to plan timelines, set priorities, and structure further work. At the same time, I would like to emphasize: the announced figures and lists of initiatives should so far be regarded as benchmarks. We do not want to present plans as decisions that have already been made. Projects must undergo the necessary procedures, and government priorities may change. --- **Speaking of specific projects, which of them could receive financing in the near future?** **Nodira Mansurova:** One of the projects we will continue working on is the infrastructure development of Manas. We previously had two phases of cooperation, and this year we are planning a third. The estimated volume of financing is about **€8 million**. We see good results from this work for the local population. > In addition, we have plans for **four projects** in water infrastructure, agreements for which we expect to sign in January. It is premature to name them all right now, as work is ongoing. Among the cities where we work are **Kara-Balta, Tokmok, Talas, and Naryn**. We want to expand the EBRD's presence in the regions. Such projects are often **more difficult to implement due to mountainous terrain**, settlement patterns, and other factors. But they are precisely the ones that can have a significant impact on local residents. --- **You speak about expanding infrastructure investments. How important does the transport sector remain for the EBRD, including railways and international logistics corridors?** **Nodira Mansurova:** Transport and logistics are an important part of our regional approach. We consider not only individual assets, but also interconnected transport solutions. > I met with the railway management, and we have plans that we will develop. This could involve not only railway infrastructure, but also multimodal transport, logistics centers, warehousing capacities, and other elements of the transport system. This is also linked to the European **Global Gateway** initiative. Its implementation in Central Asia involves developing regional connectivity and transport infrastructure. **Anton Usov:** We indeed have several areas under consideration. They are still at the preparation stage. We do not want to name specific road sections or sites before the necessary agreements with state authorities are reached. Here it is important to understand the difference between the public and private sectors. In public projects, preparation and approvals can take **60–90 days** or more. We must take the government's priorities into account, so we do not consider it right to announce in advance what has not yet received final clearance. --- **The EBRD's participation in major regional energy projects deserves special attention. In particular, this concerns the Rogun HPP in Tajikistan. What stage are the discussions on possible financing at?** **Nodira Mansurova:** The Rogun HPP is an exceptionally important project not only in terms of energy, but also in terms of water resources for the entire region. > We understand that other international financial institutions have already progressed in the project approval process. The EBRD will need more time, as we have our own requirements, procedures, and questions that **must be thoroughly examined**. Within the bank, a decision was made that the project is so vital for Central Asia that **we cannot stay on the sidelines**. But that does not mean a financing decision has already been approved. > We currently intend to begin our own assessment, including a geotechnical study, to determine what issues require additional review and what measures need to be taken. In parallel, we plan to **form working groups with the government of Tajikistan** and discuss two key areas: the technical and environmental components of the project, as well as the reforms necessary for its implementation. For us, it is fundamentally important that EBRD participation ensures compliance with high international standards. We place **strict requirements** on the environmental and social components of projects. > Furthermore, we do not want the Rogun HPP to be perceived purely as a state energy facility funded via a sovereign loan. We expect the project can become a foundation **for broader private sector participation in the region's energy sector**. **Anton Usov:** It is important to understand that the Rogun HPP is **not just the construction of the power plant itself**. The project includes several major packages, hydraulic engineering structures, and associated infrastructure. There is a great deal of work ahead, and the financing needs will be significant. > At the same time, the objective is not just to increase power generation. The Rogun and Kambar-Ata projects are of great importance for water resource management. For many years, the region debated water allocation issues and balanced the interests of upstream and downstream countries. Importantly, **an understanding is now emerging** at the state level: water resources must be utilized taking into account the common interests of Central Asia, rather than just the needs of a single country. > This is one of the key aspects that must be considered when implementing such projects. --- **So the EBRD has not yet decided on the volume of potential financing for the Rogun HPP?** **Nodira Mansurova:** So far, there is no specific decision either on the bank's participation or on the amount. We are interested in the project, and the work is just beginning. > This involves potentially **very large investments** and long-term financing. But to make a decision, we need to see concrete progress in addressing environmental and technical matters and implementing reforms. We must also understand how private sector participation will be arranged and what additional opportunities will emerge for energy development. For example, the region holds potential for solar and wind generation. **Anton Usov:** Another important factor is that the international company **Bureau Veritas** is already working on-site, verifying compliance with established standards during the preparation and construction phases. For us, it is essential that such procedures ensure transparency and the required level of quality. > If the EBRD decides to participate, we will need to formulate a project concept that meets the requirements of the bank and its shareholders. This is long-term financing, so decisions must be thoroughly justified. --- **You repeatedly mention reforms as a prerequisite for implementing infrastructure projects. How is financing divided between physical construction and changes in legislation, regulation, and governance mechanisms?** **Nodira Mansurova:** The EBRD's core investment funds are indeed directed **toward infrastructure and business development**. For reforms, we mobilize additional resources — grant and concessional funds, including via special donor funds from the bank's shareholders. > However, financial support is not the only tool. Sometimes no additional money is required at all to achieve results. In such cases, we engage in policy dialogue with the government, discuss necessary legislative amendments, and **help establish institutional mechanisms**. The EBRD employs specialists across various fields: economists, experts in governance, environment, and other specialized areas. They **conduct independent assessments**, analyze the situation, and help structure reforms. These proposals are then discussed directly with the government. > We believe that an infrastructure project should not be viewed in isolation, but **in the context of the environment in which it will operate**. What matters is not only the built assets, but also the quality of governance, legislation, procedural transparency, and opportunities for further development. --- **Can you give examples of reforms that have already delivered practical results in Kyrgyzstan?** **Nodira Mansurova:** One of the most notable examples is the **digitalization of public services**. Prior to my arrival, the EBRD had already supported two projects related to e-notary and e-governance. > They were financed with grant funds. The primary objective was to digitalize processes, reduce the time required to receive services, and streamline interaction between citizens, businesses, and government agencies. For instance, while obtaining certain notarial documents used to take several days, many procedures can now be completed **in a matter of minutes**. > We also receive positive feedback from representatives of **small and medium-sized businesses**. Company registration and other administrative procedures have become significantly more accessible thanks to digital services. In early December, we plan to mark the completion of these programs and hand over the relevant documentation to the government. At the same time, it is important to emphasize that this outcome was achieved not solely through the bank's financing. Significant work was carried out by the state agencies themselves and the specialists who rolled out the changes. > I have been working in the region for only a short time, but I can already say that Kyrgyzstan has **achieved notable progress in digitalization**. We are genuinely proud of these projects. --- **Let us turn to the private sector. You mentioned that SME support is one of the EBRD's strategic priorities. How does your approach differ from conventional bank lending?** **Nodira Mansurova:** The EBRD has an important requirement from its shareholders: we must not crowd out local commercial banks from the market. In particular, we cannot compete with them solely on the basis of a lower cost of financing. > Therefore, our support is **much broader** than simply providing a loan. We offer so-called soft support — advisory services, grants, assistance in developing management and production processes, digitalization, and entering new markets. Sometimes an entrepreneur approaches us with one issue, but after a company diagnostic, it turns out that the main challenge lies elsewhere. We help identify **where to actually begin** and select specialists who can support the business. > This can include preparing a marketing strategy, improving financial reporting, optimizing operational activities, brand development, process digitalization, or finding new sales markets. We cover the cost of consultants if necessary for the company's growth. **Anton Usov:** Enterprises do not always come to us as ready-made large companies. Many begin working with the EBRD when they are still relatively small, and then grow gradually. > A good example is the companies the bank has worked with over many years. Today they already have substantial production capacities, secure multi-million-dollar loans, and plan further expansion. But at early stages, they needed not only money, but also knowledge, advice, and assistance in organizing their business. We can help a company find consultants, conduct diagnostics, prepare a marketing plan, and improve management. Sometimes this very support becomes the **decisive condition** for the next stage of growth. **Nodira Mansurova:** Another important area is assistance in entering foreign markets. When we work across several Central Asian countries simultaneously, opportunities arise to **share experience** and **establish new business connections**. For example, this year I signed agreements with KCB on two projects supporting the expansion of Kyrgyz businesses into Uzbekistan. One of the companies plans to open a showroom there. > There is also interest in the Tajik market. We see that Kyrgyz enterprises can expand their presence in neighboring countries, and regional integration opens additional opportunities for them. Therefore, we view business development beyond the borders of a single country. For companies in Kyrgyzstan, Tajikistan, and other states of the region, **gaining access to a broader market is essential**. --- **You mentioned financing through local banks. How exactly does the risk-sharing mechanism work?** **Nodira Mansurova:** This is one of the primary tools in our work with small and medium-sized businesses. We use **several models** of cooperation with local financial institutions. In one case, the EBRD provides a credit line to a local bank, which **allocates the funds independently** among its clients. > In another case, we co-finance a specific enterprise with the bank and **share the credit risk**. For example, if a project is executed on a 50/50 basis, half the risk is borne by the local bank and half by the EBRD. Such a model allows us to support companies that might otherwise face difficulties in raising financing. > Moreover, entrepreneurs gain more than just access to capital. Partnering with the EBRD helps them improve their financial reporting, internal processes, and governance quality. It serves as a form of on-the-job training. We also have dedicated programs supporting **women and youth entrepreneurship**. These are accompanied by grant assistance and training for banks on working with these client categories. There are specific considerations here, and it is important that financial institutions understand how to properly evaluate the needs of such enterprises. --- **This morning you visited a company that received EBRD support. To what extent do such examples reflect the bank's approach to private sector development?** **Nodira Mansurova:** For us, this is a very illustrative example. We enjoy working with enterprises that want to grow, develop production, expand their product range, and enter new markets. > Today we saw a company that recently received an EBRD loan and grant support for expansion. It has ambitious plans to increase production capacity and pursue further growth. It is particularly rewarding to watch enterprises that the bank began working with at early stages of their development gradually **turn into major market players**. **Anton Usov:** That is precisely one of the defining aspects of our work. We do not simply finance established businesses. We help companies navigate the journey from a small enterprise to a larger manufacturing operation. > We have good examples in agriculture, manufacturing, and other sectors. This year we signed agreements on several projects with our partners, including Demir Kyrgyz International Bank and KCB. Going forward, we plan to continue this work. --- **Looking at Central Asia as a whole, how much do differences among the region's countries influence the EBRD's investment strategy? In particular, Afghanistan and Turkmenistan present different conditions for international investors.** **Nodira Mansurova:** I will start with Afghanistan. **The EBRD does not operate in this country**, as it falls outside the geography of our mandate. At the same time, we recognize that Afghanistan is closely linked to the Central Asian economy. Trade flows between it and neighboring states, and this must be factored in when analyzing regional economic trends. > As for Turkmenistan, the situation is more complex and at the same time interesting. For several years, the EBRD has not been actively involved in the country's public sector, although engagement with private business continued. One of the factors complicating financing remains **restrictions related to currency conversion**. This affects the ease of doing business and structuring financial transactions. > Yet Turkmenistan's strategic importance for Central Asia is very significant. The country possesses substantial natural resources, and developing transport links across the Caspian Sea is difficult to imagine without its involvement. That is why we approach the region **comprehensively**, taking into account economic ties and the interdependence of infrastructure across different countries. --- **Returning to Kyrgyzstan's energy sector. The country is discussing plans to build new coal capacity, including large thermal power plants. Meanwhile, the EBRD declares a commitment to the green transition. Is the bank prepared to engage in dialogue with the government on unpopular but long-term necessary reforms?** **Nodira Mansurova:** In reality, many reforms are not popular at the outset. If a change is easily accepted by everyone, additional support to carry it out is often not needed. > We step in precisely when reforms are challenging and require serious deliberation. Such dialogue can be both formal and informal. We explain our position, consider the long-term consequences, and discuss potential solutions with the government. In doing so, we must take into account environmental requirements and **long-term sustainable development goals**. For the EBRD, the environmental component is of paramount importance. > We cannot simply walk in and unilaterally stop the construction of a facility or alter a country's energy policy. But we can engage in dialogue, analyze the consequences of decisions, and propose alternative approaches. The energy transition requires a comprehensive approach. It is essential to consider not only electricity generation, but also security of supply, energy affordability for the population and businesses, investment requirements, and environmental impacts. --- **So even if certain decisions appear economically justified today, the EBRD will evaluate them in terms of long-term consequences?** **Nodira Mansurova:** Absolutely. We **look to the long term**, not just immediate results. That is why environmental standards, governance quality, and reforms are an **integral part of our investment activity**.