The EBRD determined the size of the loan for the Kambarata HPP based on the capabilities of the Kyrgyz economy

At a meeting with journalists on 29 October, Matteo Patrone, Vice-President of the European Bank for Reconstruction and Development, explained why the bank is considering providing $500 million to each country participating in the construction of the Kambarata HPP-1.

According to him, the EBRD is guided by the principle of proportionality to the size of the economy.

‘For Kyrgyzstan, $500 million is a significant amount, especially considering that the EBRD's entire current portfolio in the country is about $300 million. For Kazakhstan or Uzbekistan, where GDP is higher, such amounts are perceived differently,’ Matteo Patrone noted.

The EBRD Vice-President emphasised that the size of the participation is determined by the economic capabilities of the countries and their shares in the joint venture, where each party owns approximately 33%.

Patron confirmed that the Kambarata HPP-1 project remains one of the EBRD's priorities.

‘We are continuing to work on the project. Once it has been approved by the Board of Directors and the technical procedures have been completed, an official announcement will be made regarding the allocation of funding,’ he said.

He added that the memorandum signed in Brussels will allow the efforts of all participating countries to be coordinated and will be ‘a very important step towards the implementation of the project.’

According to preliminary estimates, the total cost of the Kambarata HPP project exceeds $5 billion, of which the EBRD is ready to allocate up to $1.5 billion.

Patron specified that it is too early to disclose the terms of the loan, but stressed that they will be the same for the three countries participating in the Kambarata HPP-1 project.