Former head of the Cabinet of Ministers of Kyrgyzstan Akylbek Japarov announced a landmark event for the country — the successful placement of the first ever sovereign Eurobonds worth $700 million. On his Facebook account, he called it a «new economic frontier» and congratulated the Ministry of Finance and the entire Cabinet on this achievement.
«Another strategic task set by the president has been completed,» Akylbek Japarov wrote.
He noted: Kyrgyzstan was the last Central Asian country that did not place Eurobonds, which seemed impossible for a long time. According to the former head of the Cabinet, at the peak, international investors’ interest in Kyrgyz securities exceeded $2.1 billion, which is three times the volume of the issue.
«Such demand is a direct reflection of trust in our economic policy and reforms,» he emphasized.
Akylbek Japarov told about the systematic work that has been carried out at all levels over the past three — four years. It included improving macroeconomic indicators, strengthening investor confidence and raising the country’s sovereign credit rating.
Fiscal, monetary and credit instruments, diplomats at key international venues, including Vienna, London and Hong Kong, have been involved.
The former head of the Cabinet of Ministers noted the coordinated efforts of the presidential administration, the National Bank, the Ministries of Finance, Economy and Justice.
Akylbek Japarov recommended directing borrowed funds to two key sectors of the economy: energy industry and subsoil use. According to him, there are ready-made projects in the energy sector: the construction of a new thermal power plant at Kara-Keche coal field and a gas-fired power plant in the village of Chaldovar. According to the former head of the Cabinet, these infrastructure facilities can be built for two years and a sustainable financial model can be reached.
As for subsoil use, he named projects for the extraction and processing of rare earth metals at Kutisai-2 and Kyzyl-Ompol deposits as priorities. He specified that these projects have already been developed by the government and are ready for implementation.
Akylbek Japarov emphasized the importance of building a system so that these projects in the future have the potential to go public (IPO) and continue developing on a sustainable financial basis.