The EBRD in the Kyrgyz Republic

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Scenic aerial view of canyon in Kyrgyzstan at sunset in summer

The EBRD has been investing in the Kyrgyz Republic since 1992

In the Kyrgyz Republic, we focus on fostering sustainable growth, enabling small and medium-sizeed enterprises (SMEs) to scale up, promoting the sustainability of public utilities, strengthening the financial sector and supporting critical infrastructure.

A Kyrgyz Republic success story: how EBRD investment is helping Aisuluu Zhamangulova, the creator of a digital platform that has trained more than 15,000 teachers across the country.

Data valid as of: 31 January 2025

257

Number of projects to date

€1,046m

Cumulative EBRD investment

€758m

Cumulative disbursements

28%

Private-sector share of portfolio

Number of active portfolio operations

€255m

Current portfolio of projects

€84m

Operating assets

Equity share of portfolio

5 June 1992

Joined the EBRD

21,010

Capital subscription (€000)

EBRD Governor: Bakyt Sydykov
EBRD Alternate Governor: Almaz Baketaev
EBRD Board Director: Yasemin Girici
EBRD Board Alternate Director: Lucian Isar

EBRD Shareholders information

In the Kyrgyz Republic, we focus on fostering sustainable growth, enabling SMEs to scale up, promoting the sustainability of public utilities, strengthening the financial sector and supporting critical infrastructure.

Focus areas

Supporting private-sector competitiveness and greater inclusion through increased productivity and access to export markets

The EBRD is promoting the diversification of the Kyrgyz economy and stimulating trade and export activity through its Trade Facilitation Programme. We are promoting greater financial inclusion of women, youth and other underserved groups, such as communities in remote and less advanced regions. The Bank is also working to stimulate the development of local capital markets and foreign direct investment. By providing expert advisory services and professional training to SMEs, the EBRD is helping to build their capacity and accelerate their development. SMEs account for more than 35 per cent of the Kyrgyz Republic’s gross domestic product (GDP).

Developing sustainable and resilient infrastructure and connectivity

The EBRD is working to promote green energy generation and will continue investing in renewable energy projects. We are paying greater attention to water security and the sustainability of water supplies through better water-sector management and irrigation. The Bank will finance the construction of new grid lines, capacity upgrades and efficiency improvements in the energy transmission and distribution networks. In the transport sector, the EBRD will channel funds for the construction, rehabilitation, maintenance and expansion of key road, rail and other networks, including those forming the Trans-Caspian Corridor. The Bank will also help the Kyrgyz Republic to modernise its logistics sector.

Promoting a green, resilient and well-governed economy

The Bank will help the Kyrgyz authorities to develop and implement green policies. We offer financing and advice to companies, including SMEs, on climate risk management, climate governance and climate investments. In partnership with local financial institutions, the Bank will expand its green finance programmes designed to help SMEs and households modernise production, increase efficiency and address pressing environmental issues. In the public sector, the EBRD will help to build capacity for project preparation and implementation, and to promote reforms such as corporate governance in state-owned banks and enterprises. It will also encourage the further digitalisation of public procurement and continue helping the authorities to fine-tune the country's public-private partnerships legislation.

The EBRD’s latest country strategy for the Kyrgyz Republic was adopted on 25 September 2024.

7.0%

EBRD forecast for the Kyrgyz Republic’s real GDP growth in 2025

6.0%

EBRD forecast for the Kyrgyz Republic's real GDP growth in 2026

According to preliminary estimates, real GDP grew by 9 per cent in 2024 and by 10.6 per cent year on year in January 2025. This strong growth was driven by buoyant domestic demand, supported by a 19 per cent increase in remittances in 2024 and strong real wage growth. Investments increased strongly in 2024 on the back of a doubling of public investments. On the supply side, the construction, domestic trade, and hospitality sectors grew at double-digit rates. Annual inflation fell to 3.8 per cent in August 2024, but has since accelerated, reaching 6.7 per cent in January 2025 on the back of demand-side pressures.

The latest reading is still within the central bank’s target inflation rate of 5-7 per cent. The central bank’s policy rate has remained unchanged at 9 per cent since May 2024. The fiscal position continued to improve last year on the back of an impressive uptick in tax receipts and a slower growth of expenditures. The country’s international reserves reached US$ 5.2 billion in January 2025, a record high, the majority of which is gold. Real GDP is forecast to grow by 7 per cent in 2025 and 6 per cent in 2026.

Kyrgyz Republic strategy and snapshot

Kyrgyz Republic strategy

PDF format / 1.66 MB

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Local language translation (Kyrgyz)

PDF format / 2.00 MB

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Local language translation (Russian)

PDF format / 1.79 MB

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Kyrgyz Republic country snapshot

PDF format / 1.98 MB

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Kyrgyz Republic private-sector diagnostic

PDF format / 4.28 MB

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Data valid as of: 31 January 2025

Contact the EBRD in Kyrgyz Republic

Head of Office, Ayten Rustamova

Address:

EBRD Bishkek Resident Office, Business Centre Orion, 21 Erkindik Boulevard, 4th Floor, 720040 Bishkek, Kyrgyz Republic

Telephone:

(+996 312) 624 016, 624 017

EBRD Karakol office

Address:

122 Gebze Str, 2nd floor, 722200 Karakol, Kyrgyz Republic

Telephone:

(+996 3922) 52050

EBRD Osh office

Address:

Osh-Nuru Hotel, 1 Bayalinov Street, 2nd floor, Office 217, 723500 Osh, Kyrgyz Republic

Telephone:

(+996 3222) 21139

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The EBRD in the Kyrgyz Republic

A Kyrgyz Republic success story: how EBRD investment is helping Aisuluu Zhamangulova, the creator of a digital platform that has trained more than 15,000 teachers across the country.

Focus areas

Supporting private-sector competitiveness and greater inclusion through increased productivity and access to export markets

Developing sustainable and resilient infrastructure and connectivity

Promoting a green, resilient and well-governed economy

Kyrgyz Republic strategy and snapshot

Contact the EBRD in Kyrgyz Republic

The EBRD in the Kyrgyz Republic

A Kyrgyz Republic success story: how EBRD investment is helping Aisuluu Zhamangulova, the creator of a digital platform that has trained more than 15,000 teachers across the country.

Focus areas

Supporting private-sector competitiveness and greater inclusion through increased productivity and access to export markets

Developing sustainable and resilient infrastructure and connectivity

Promoting a green, resilient and well-governed economy

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