OREANDA-NEWS. March 09, 2012. IBC representatives met with the delegation of the European Bank for Reconstruction and Development (EBRD). The participants included IBC Executive Director Aktilek Tungatarov, President of Kumtor Operating Company Michael Fischer, Partner of the Kalikova & Associates law firm Aicholpon Jorupbekova and General Director of Reemtsma Kyrgyzstan OJSC Ulanbek Akmatbayev, reported the press-centre of IBC.

EBRD delegation members included Managing Director for Turkey, Eastern Europe, the Caucasus and Central Asia Olivier Descamps, Director for Central Asia Masaru Honma, Senior Political Counsellor Mahir Babayev, new Head of Bishkek Office Larisa Manastirli, Deputy Head of Bishkek Office Jyldyz Galiyeva, Senior Banker of Municipal and Environmental Infrastructure Katherine Hansen.

Mr. Olivier Descamps said that the EBRD implemented seventeen projects worth USD 90 million in Kyrgyzstan last year. In accordance with the three-year strategy of the EBRD, which was adopted in September 2011, key directions of EBRD activities will not change. In 2012 the EBRD will focus on preserving and increasing the 2011 level of investment. Discussing in detail the 100-Day Action Plan of the Government of the Kyrgyz Republic to Implement the Strategy on Stability and Dignified Life, Mr. Olivier Descamps expressed the support for the Kyrgyz Government’s efforts to create a favorable investment climate and to fight against corruption. The EBRD is ready to provide assistance and support in this direction, he said.

Aktilek Tungatarov provided a detailed description of the IBC activities and future plans, including activities of IBC committees, creation of the new committee – for microfinance issues, preparations to the International Tourism Fair ITB Berlin 2012, and active involvement of IBC members in the activity of the Working Group for Reforming the Subsoil Use, etc. Aicholpon Jorupbekova expressed her opinion on the new version of the Law on Subsoil. This draft law provides for progressive novelties such as competition and auction for license objects, she said. Mr. Tungatarov added that the draft law covers problems that have not been solved for many years. At the same time, he expressed concerns about the fast speed of the reforms and a hope that it would not affect their effectiveness. According to Mr. Tungatarov, among the main impediments to business development in Kyrgyzstan are the high level of corruption, the lack of rule of law and the political instability.

Participants also discussed the problems of mining, processing and other sectors of Kyrgyzstan’s economy, and prospects for close cooperation in improving the investment climate in the country.