“China-Kyrgyzstan-Uzbekistan” railway company was opened in Bishkek

The "China-Kyrgyzstan-Uzbekistan Railway Company" LLC was inaugurated in Bishkek, Kyrgyzstan, as reported by the press service of the Cabinet of Ministers of Kyrgyzstan.

Chairman of the Cabinet of Ministers and Head of the Presidential Administration of the Kyrgyz Republic, Akylbek Japarov, attended the opening ceremony. In his remarks, Japarov congratulated the delegation from the People's Republic of China on the 75th anniversary of China's founding and highlighted the importance of the railway project for the entire Central Asian region.

"We highly value this project and consider it the construction of the century. It will elevate economic cooperation between China and the Central Asian countries to a new level," Japarov stated.

He noted that the project will enhance trade and economic cooperation across the region, especially between Kyrgyzstan, China, and Uzbekistan.

Japarov also quoted the renowned Chinese politician Deng Xiaoping: "Whether it is the Silk Road or a railway, it is a good road if it contributes to the economic development of our countries." He expressed confidence that the China-Kyrgyzstan-Uzbekistan railway would become a part of the modern Silk Road.

"Significant and effective work has been done to reach this historic moment. However, this is just the first phase of the project's full implementation. With the rich experience of our colleagues from China and Uzbekistan, we are confident that the work will be completed with high quality and on schedule," Japarov added.

Also present at the opening ceremony were Du Deven, the Ambassador Extraordinary and Plenipotentiary of the People's Republic of China to Kyrgyzstan; Zhang Xianghua, Deputy Director of the Supply Department and head of the Chinese delegation; Ilhom Mahkamov, Uzbekistan's Minister of Transport; and Zhou Xin, General Director of China Railway International. The State Committee for Development and Reforms of China also supported the use of foreign capital and investments abroad.

As a reminder, under a decision made by the President of Uzbekistan, the Reconstruction and Development Fund will finance Uzbekistan's share in the "China-Kyrgyzstan-Uzbekistan" railway project. A loan of $255 million has been set for Uzbekistan Railways, with $14 million of this amount to be allocated by the end of this year. The loan has a 15-year term with an annual interest rate of 5 percent, including a 7-year grace period. As per the agreement signed on June 6, Uzbekistan and Kyrgyzstan will each hold a 24.5 percent stake in the project company, while China will hold 51 percent. The total authorized capital of the project company is $1.04 billion.