Kyrgyzstan says Russia unable to finance hydropower projects

Kyrgyz President Atambayev says Russia is not able to finance two hydroelectric power plant projects in Kyrgyzstan

Photo by: AFP
Photo by: AFP

Kyrgyz President Almazbek Atambayev speaks during his end of the year press conference at the Ala Archa state residence in Bishkek on December 24, 2015

Speaking at a press conference on Thursday, Kyrgyzstan President Almazbek Atambayev said that Kyrgyzstan is seeking new partners for the construction of Upper Naryn Cascade and Kambarata hydropower plants, as Russia would not be able to financially support the previously agreed projects in the country.

Atambayev said “I don't like uncompleted construction project, one should be realistic, we all see the state of the Russian economy, it is, shall we say, not on the rise, the trends on the oil price go down, and for objective reasons, these agreements can't be implemented by Russia.”

“And this is going to be the case for a long time," he continued.

The Kyrgyz leader emphasized that he had discussed the issue with Russian President Vladimir Putin several times, adding "For me, it is a bitter thing, because as long as I'm the president, I would like to open at least one HPP of the cascade in time, and I believe that we will find an investor, and Russia will feel better."

The announcement came as Russia, a major oil dependent country, has been suffering from a battered economy in the recent years due to the fall in oil prices and economic sanctions imposed by the US and EU.

Later in the day, a Kremlin spokesman Dmitry Peskov said “Indeed, there are difficulties of commercial and conjunctural nature, different options are being discussed."

"Conjunctural issues are issues related to the world economy, budget parameters, financial parameters."

TRTWorld and agencies