AKIPRESS.COM – The Ministry of Economy has projected that Kyrgyzstan’s economic growth by the end of 2023 will be around 4.5%.

According to the Ministry’s forecast, growth is expected in all sectors of the economy. The industrial sector is projected to grow by 3.2%, agriculture is anticipated to see growth of around 3%.

The construction sector is expected to experience robust growth at 7.9%, the services sector is estimated to grow by 4.7%. Net taxes on products and imports are expected to rise by 4.8%.

The Ministry predicts that the economy will continue to grow at a rate of 5% in the year 2024.

Source: Akipress

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The first project in the pipeline is a 200MW solar plant, scheduled to begin operation in 2026.

The implementation agreement was signed by HE Ibraev Taalaibek Omukeevich, Minister of Energy of the Kyrgyz Republic and Mohamed Jamel Al Ramahi, Chief Executive Officer of Masdar.

Omukeevich said: “Today, the energy system of the Kyrgyz Republic faces challenges meeting the significant demand for electricity from all categories of consumers with our existing resources.

“At the same time, Kyrgyzstan has good solar energy potential.

“The successful implementation of projects to develop solar power plants of up to 1GW capacity will help to ensure our nation’s energy security.

“The large-scale development of the renewable energy system will also help to improve employment, living conditions and energy supply for the population of the republic, reduce poverty in rural areas, and improve the level of education, as well as introduce new modern technologies.”

Al Ramahi added: “Kyrgyzstan is blessed with abundant solar resources and we see this 200MW plant being the first of a number of projects that will support the nation’s goals on emissions reductions, while increasing clean energy access and security.”

Kyrgyzstan is looking to reduce its greenhouse gas emissions by as much as 44% by 2030 and achieve carbon neutrality by 2050.

While the country already generates around 90% of its electricity from clean energy resources, this is almost exclusively from aging hydropower plants.

The country’s high solar irradiation levels provide the opportunity to increase clean energy access and security.

The implementation agreement builds upon a memorandum of understanding signed by the two sides in April last year, in which Masdar agreed to explore renewable energy opportunities in the Kyrgyz Republic in support of the country’s decarbonisation goals.

Under the agreement, Masdar would explore and invest in a wide range of renewable energy projects such as ground-mounted solar PV, floating solar PV

Source: Renews Biz

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