Kyrgyzstan continues to actively seek foreign investment On April 21, President Sadyr Japarov arrived on an official visit to Bahrain at the invitation of King Hamad bin Isa Al Khalifa to discuss the prospects for bilateral cooperation. At the same time, the head of the Cabinet of Ministers, Adylbek Kasymaliev, is holding negotiations in Washington with the leadership of the World Bank (WB), focusing on the construction project of the Kambarata HPP-1. He will tell American corporations about the investment potential in the mining industry of the republic.
Adylbek Kasymaliev began negotiations with the leadership of the World Bank on Kambarata HPP-1 with the rank of First Deputy Chairman of the Cabinet of Ministers of Kyrgyzstan.
In October 2024, he held a series of meetings with World Bank regional directors, which resulted in support for the project. In particular, Charles Cormier, Regional Director for Infrastructure for the Europe and Central Asia Region, noted that «the World Bank is ready to support Kyrgyzstan in this important project», emphasizing that Kambarata HPP-1 can become a model for other countries in the region, demonstrating how water resources can be effectively used to achieve sustainable development.
In March 2025, a return visit of World Bank representatives to Bishkek took place, during which the parties considered issues of budget support and proposals to improve the country’s investment climate. The topics of financing the Kambarata HPP-1 and attracting international donors were discussed with the World Bank Regional Director for Central Asia Tatyana Proskuryakova.
Kambarata HPP-1, according to the project, will become the largest power plant in Kyrgyzstan, surpassing Toktogul HPP in energy production. However, implementing this ambitious project, which requires billions of dollars of investment and about 10 years of construction, is not an easy task.
Development of the project began back in the 1980s, but was suspended in the 1990s. In 2012, Kyrgyzstan and Russia agreed on the construction of the Kambarata HPP-1 and the Verkhnenaryn cascade of hydroelectric power stations. The initial cost of the project was estimated at $727 million, and the Russian company «RusHydro» planned to undertake the implementation. However, the team of President Almazbek Atambayev actually buried the project due to financial disagreements.
Only in June 2022, President Sadyr Japarov launched the construction of Kambarata HPP-1. This key facility of the cascade involves the construction of a rockfill dam with a height of 256 m and a hydroelectric power station with a capacity of 1860 MW, capable of generating 5.6 billion kWh of electricity per year. The volume of the reservoir will be 5.4 billion m³ of water.
At the start of construction, the estimate reached $2.916 billion. Financing was provided from the budget, but Kyrgyzstan’s own funds were not enough. To attract investors, the project was given the status «of a project of national importance», which provides tax benefits and preferences for interested companies.
Kazakhstan and Uzbekistan showed interest in the project, and after a while the World Bank joined them. Today, preparatory work for the construction of the main industrial facilities has been completed at the site of Kambarata HPP-1. More than 11 km of overhead power lines have been laid, and construction of a substation has begun. In addition, construction is underway on a 15-kilometer access road to the hydroelectric power station, a bridge, a workers’ village and a high-strength concrete road, as well as a tunnel. The first stage of approval of the feasibility study, which is being developed by a Swiss company, is being completed. «If everything goes according to plan, by the summer we will begin construction of the main dam and other infrastructure facilities, – President Zhaparov recently said. – Kambarata HPP-1 will allow the Toktogul HPP to function in optimal mode, providing water supply to neighboring countries in the summer and fully covering Kyrgyzstan’s electricity needs in the winter. This is a strategic step towards the energy independence of our country and an important element of effective water resources management in Central Asia».
Director of the Center for Expert Initiatives «Oy Ordo» Igor Shestakov believes that the West seeks to influence the distribution of water and energy resources in Central Asia, which is why the Kambarata HPP-1 project initially attracted the attention of Washington. «The project received the green light under the Biden administration, but with the arrival of the more pragmatic Donald Trump, the situation has changed, although contacts between Bishkek and Washington are not interrupted. Further developments will depend on the position of the new Trump administration», – Shestakov told «Nezavisimaya Gazeta».
The second decisive factor in the fate of the Kambarata HPP-1 project, especially in conditions of shortage of water and energy resources, according to the expert, is the issue of leadership in the region. «Today, the struggle for regional leadership continues, but in a different format. If earlier the key issues on the agenda were determined by Nursultan Nazarbayev and Islam Karimov, now – experienced diplomat Kassym-Jomart Tokayev and creative integrator Shavkat Mirziyoyev. Their influence extends beyond Central Asia, they are – recognized leaders in the post-Soviet space, well-known in the West and conducting high-level negotiations. Therefore, a lot depends on who takes the leading role in the partnership – Kazakhstan or Uzbekistan», – the expert believes.
In his opinion, the World Bank will take into account not only the position of the Trump administration, but also other stakeholders before making a decision on financing. Participation in such a large-scale project enhances the image of the World Bank, but the bank will also evaluate the importance of hydroelectric power plants in terms of impact on the region’s water and energy resources.
«For the West, control over these resources is a priority, and the World Bank serves as one of the tools to achieve it. The water and energy issue – is a matter of life, peace and good neighborly relations between the countries of Central Asia. Water in this region is more important than gold and any rare earth metals, since the future depends on it. The examples of the Aral Sea and the shallowing Caspian confirm the seriousness of the problem. If the World Bank agrees to finance the Kambarata HPP-1, it will be solely for the sake of the opportunity to influence the agenda of Central Asia», – Shestakov emphasized.
Victoria Panfilova («Nezavisimaya Gazeta»)
