Kyrgyzstan is open to investors of Arab world - Minister of Finance

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Bishkek, July 10 / Kabar /. Kyrgyzstan is interested in introducing new financial instruments in the financial market, in particular Islamic securities (sukuk), Kyrgyz Minister of Finance Adylbek Kasymaliev said at a meeting with the delegation of the Islamic Development Bank led by Vice President Sayed Aga.

The press service of the Ministry of Finance reported that, at the meeting the minister warmly greeted the delegation of the IDB and expressed gratitude for coming to Kyrgyzstan in the framework of the third roundtable of the Arab Coordination Group (ACG), which is scheduled for July 11, 2017 in Bishkek.

Kasymaliev said that the leadership of Kyrgyzstan attaches priority importance for the development of cooperation with the IDB. He said that the role of the IDB and other ACG funds is undoubtedly important in the social and economic development of Kyrgyzstan.

"The visit to the Kyrgyz Republic of such a high level of representatives of the IDB is considered by us as an expression of the will of the fund managers of the Arab Coordination Group, not only to bring to the logical end the joint tasks that have been started, but also to strengthen and expand bilateral relations," the Minister of Finance said.

One of the priority directions of the Development Program of the Kyrgyz Republic for 2018-2022, Kasymaliev said it is the development of energy security, transport infrastructure, and the agricultural sector, as the potential of these industries remains unclear at present.

"Our country is open to investors of the Arab world and is ready for transparent and mutually beneficial cooperation, which is backed by the availability of appropriate guarantees and favorable legal conditions in our country. The Kyrgyz Republic is interested in introducing new financial instruments on the financial market of the Kyrgyz Republic, in particular Islamic securities (sukuk). In this connection, relevant changes were made to the current legislation regulating the securities market. Currently, the competent state bodies of Kyrgyzstan are carrying out relevant work," the Minister said.

In turn, the IDB Vice President noted the importance of continuing cooperation in this direction and strengthening the work on projects. He also assured that the IDB will consider the proposal on the introduction of Islamic securities.

"We are pleased that the Kyrgyz government is making progress in Islamic financing. In this regard, we are ready to provide assistance in the regulatory and legislative fields. We are also interested in cooperation in the Halal industry, "the IDB vice-president said.

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