OREANDA-NEWS. On 18 March 2009 was announced, that the government of Tajikistan has appointed IFC, a member of the World Bank Group, to be the lead advisor in selecting a private investor to develop the Bolshoi Konimansur mine’s silver deposits project, which is expected to generate significant benefits for the country.

The first of its kind in Central Asia, the infrastructure advisory agreement presents an opportunity to develop a project that possibly holds one of the world’s larger silver deposits and could help strengthen Tajikistan’s fiscal resources. IFC is committed to ensuring a transparent and competitive process for the selection of a developer.

“This project is an important step in placing Tajikistan on the map of international mining investors, capitalizing on the country’s mining potential while boosting economic benefits for the government and people,” said Farukh Khamraliev, Head of the State Property and Investment Fund of Tajikistan.

The project is a key part of the government’s strategy to attract private investment and introduce best practices in procurement. Although Tajikistan has rich deposits of minerals, its remote geographic location and low levels of foreign investment have impeded the development of the mining sector.

“The Bolshoi Konimansur is an extremely challenging and ambitious project that befits the intentions of the government for a new approach to developing the resource in a transparent manner, said Shahbaz Mavaddat, IFC Director for Southern Europe and Central Asia. “IFC will apply international best practices to the project and possibly help mobilize foreign direct investment and unlock Tajikistan’s mining potential.”

A large portion of the project’s costs will be financed by DEVCO, a multidonor facility supported by IFC, the United Kingdom’s Department for International Development, and the governments of Austria, the Netherlands, and Sweden. DEVCO is currently advancing IFC’s advisory work in infrastructure by supporting 16 active mandates in the power, telecommunication, transportation, and water sectors.