The Eurasian Development Bank (EDB) has published an overview of investment projects across 13 countries in the region - from Azerbaijan to Ukraine. Economist.kg analyzed the report to highlight which countries and projects shaped Kyrgyzstan’s investment portfolio in 2024.
Investment Dynamics
Kyrgyzstan ranked first in Central Asia for attracting foreign direct investment (FDI), accumulating $406 million - 48.6% of the region’s total FDI. Overall, capital inflow to the country grew by 18% compared to 2022, reaching $2.2 billion - the highest rate among CIS countries.
However, mutual investments within the region remained modest, totaling only about $1 million.
Key Investors and Projects
Russia
Russia accounted for $1.8 billion in investments in Kyrgyzstan through nine major projects, two of which were launched in the last 18 months:
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Unigreen Energy Solar Power Plant (Issyk-Kul region): construction began in 2024, with launch expected in 2025. Investment: $270–300 million.
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Leilek Small Hydropower Plant (Batken region): under construction since 2022, scheduled for commissioning in 2024. Cost: $7.5 million, with $5.6 million provided as a concessional loan from the Russian-Kyrgyz Development Fund.
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Chandalash HPP (Jalal-Abad region): implemented in partnership with Rosatom. Capacity: 30 MW. Completion timeline: 3 years.
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Gazprom Kyrgyzstan: since 2014, the company has invested $397 million in gas infrastructure and refueling stations.
Kazakhstan
Kazakhstan channels 55.7% of its regional FDI to Kyrgyzstan, totaling $374 million - 14% of Kazakhstan’s total investment volume.
Key projects include:
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Bozymchak Mine (KAZ Minerals): operational since 2014, with $10 million invested in expansion in 2021.
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Toru-Aygyr 2022 Solar Power Plant (TGS-Energy): 50 MW capacity in the Issyk-Kul region. Investment: $34.3 million.
Uzbekistan
Uzbek FDI reached $164 million, with the following major projects:
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Zelal Tekstil Textile Plant (Kara-Balta): $5.7 million investment.
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Projects by UzAutoSanoat ($99 million) and Artel ($47 million) - details not disclosed.
Azerbaijan
Azerbaijan increased its FDI to $28 million. The main project:
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Five-star hotel and park in Kara-Oy (Issyk-Kul): construction began in 2023 on a 17-hectare site. Project cost: $112 million.
Belarus
Belarusian investments remained steady at $3 million. No new projects were reported.
Sectoral Focus
More than 17 major projects are being implemented across Kyrgyzstan, primarily in:
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renewable energy,
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mineral extraction,
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textile manufacturing,
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hospitality and tourism.
Summary
Kyrgyzstan is actively strengthening its investment appeal through green energy projects (Unigreen Energy, Toru-Aygyr), industrial development (Zelal Tekstil), and tourism infrastructure (hotel in Kara-Oy).
Investment funds also play a crucial role - such as the Russian-Kyrgyz Development Fund. According to EDB estimates, energy and tourism projects in 2024 created about 1,500 jobs and could boost the country’s GDP by 2–3% over the next five years.
CentralasianLIGHT.org
June 3, 2025