Kyrgyzstan to get $ 50 million grant for diversification of economy
The Asian Development Bank has approved $ 50 million for a program to promote economic diversification in Kyrgyzstan. ADB Resident Mission in the republic reported.
The grant will support reforms aimed at improving the country’s trade and investment competitiveness, development of small and medium-sized businesses, promotion of public-private partnership and development of skills related to the needs of industries.
ADB assistance will help the Government gradually reduce its dependence on gold mining, remittances and strengthen the foundation for creation of new enterprises and jobs.
«Kyrgyzstan has potential to achieve more sustainable, integrated and inclusive economic growth. But this can be achieved only if the country continues the most important structural reforms that will help the economy’s transition to a more dynamic and globally oriented market economy,» said Tariq Niazi, Director of Public Management, Financial Sector, and Trade for ADB’s Central and West Asia Department.
