The European Bank for Reconstruction and Development (EBRD) will allocate $75 million for the rehabilitation of the Toktogul hydropower plant (HPP) in Kyrgyzstan, Kyrgyz Telegraph Agency reported on September 13 citing the country's energy ministry.
During a meeting of Kyrgyz Minister of Energy and Industry Osmonbek Artykbayev and Head of the EBRD Resident Office in Bishkek, Larisa Manastirli, the sides discussed the possibility of the EBRD's involvement in co-financing the project on the rehabilitation of the Toktogul HPP where the Asian Development Bank (ADB) acts as the main donor.
Some $190 million is required for the implementation of the second phase of the project. The EBRD is ready to allocate $75 million for the purpose. The second phase of the project envisages the financial and managing audit of the Electric Plants Open Joint Stock Company.