BAKU, Azerbaijan, October 10. Minister of
Finance of the Kyrgyzstan Ruslan Suinaliev met with Head of the
Islamic Development Bank’s (IsDB) Regional Hub in Almaty Hammad
Zafar Hundal, on October 8, 2026, to discuss the implementation of
the bank’s ongoing projects in the country.
This was reported by the press service of the Ministry of
Finance of Kyrgyzstan.
"During the meeting, the sides discussed the implementation of
ongoing IsDB projects in the Kyrgyz Republic, financing issues
related to a joint project with the State Mortgage Company, as well
as further expansion and strengthening of cooperation between the
Kyrgyz Republic and the Islamic Development Bank," the statement
said.
Particular attention was paid to the currency in which the
project with the State Mortgage Company would be financed.
The Kyrgyz side emphasized the importance of retaining the US
dollar as the project’s financing currency and resolving this issue
as soon as possible to ensure the timely commencement of its
practical implementation.
The sides also discussed the possibility of developing and
concluding a Framework Agreement between the Kyrgyz Republic and
the Islamic Development Bank.
Furthermore, they noted that this mechanism would help improve
financing predictability, identify priority areas for cooperation
and accelerate the implementation of investment projects.
"Particular attention was paid to preparing a new Cooperation
Strategy between the Kyrgyz Republic and the Islamic Development
Bank, as the current strategy expires in 2027. In this regard, the
sides noted the need to begin work on the new strategic document in
advance, taking into account the Kyrgyz Republic’s development
priorities through 2030, including industrialization, transport and
logistics infrastructure, agriculture, tourism and green energy,"
the ministry’s press service noted.
Minister Ruslan Suinaliev noted that Kyrgyzstan highly values
the Islamic Development Bank’s long-standing support and is
interested in moving towards a more systematic and long-term
partnership.
Following the meeting, the sides confirmed their readiness to
further strengthen cooperation, accelerate the implementation of
ongoing projects and advance new initiatives aimed at the
socio-economic development of the Kyrgyz Republic.
At the end of the meeting, the Kyrgyz finance minister invited
representatives of the Islamic Development Bank to participate in
the next meeting of the Arab Coordination Group, which is scheduled
to take place in Kyrgyzstan in March 2027.
