Published
03/31/2026, 10:55Tez Zhol LLC will become the operator of the Bishkek Eastern Toll Bypass Highway—one of the capital’s largest infrastructure projects. This follows from a tripartite guarantee agreement signed on March 25 between State Financial Holding OJSC, Tez Zhol LLC, and Eldik Bank OJSC.
The transaction amount totaled $44 million, with the state acting as guarantor for the private company’s obligations through the financial holding company. Additional funding—another $21 million—was also previously approved, bringing the total amount of funds raised to $65 million.
The Eastern Toll Bypass Highway is intended to divert transit traffic from Bishkek and relieve congestion in the city center. 16 kilometers of the main route, up to 32 kilometers including adjacent highways, five interchanges, and a bridge on the Kant side. Additionally, a separate Cabinet of Ministers decree is launching the construction of the entire supporting infrastructure—without it, the toll road simply won’t function.
The project model is typical for Kyrgyzstan in recent years: a private operator—bank financing—a state guarantee.
Tez Jol LLC—a company that few had heard of just a couple of years ago—is now at the center of the infrastructure agenda. It is headed by Nurlanbek Kayynbaev, the former first deputy minister of transport. The sole founder is Askarbek Kalandarov. Previously, Tai-Muras Tashiev was also among the founders. He withdrew from the project, citing political risks and public pressure.
Tez Zhol LLC is not a newcomer, but it is not an infrastructure giant either. The company has already:
In other words, its portfolio is growing rapidly. And this growth is driven by projects where the government is seeking a private partner.
At the same time, the company’s financial profile appears more modest than the scale of the announced projects. According to available data, Tez Jol LLC’s tax payments for 2024–early 2026 amounted to approximately 42.6 million KGS (about $487,000). By comparison, a single loan package for the construction of the bypass road is estimated at $44 million, and with additional financing lines, up to $65 million.
This clearly demonstrates that the project’s implementation relies on debt financing and institutional support. In fact, this is a classic PPP model, where the key factor is not so much the company’s own balance sheet as the level of trust from the state and financial institutions.
