International Finance Corporation is implementing geothermal energy projects in Kyrgyzstan, as reported on the website of the Ministry of Economy and Commerce. The Ministry of Economy, the Bishkek city hall, and the International Finance Corporation recently signed an agreement to utilize geothermal energy for heating and cooling in the capital initially, and eventually across the country.
"This marks the beginning of an important phase aimed at introducing innovative solutions in the energy sector. The next step will involve identifying and implementing projects for private sector participation in scaling up geothermal energy in the country, providing new opportunities for infrastructure development projects," stated the Ministry of Economy.
It is noted that the IFC will finance projects, including through attracting funding from international partners to ensure blended financing, providing technical assistance, and implementing investment projects in the country. The IFC, a member of the World Bank Group, is an international organization that, in accordance with its articles of agreement, aims to facilitate the flow of private domestic and foreign capital into productive investments.
