The Eurasian Development Bank (EDB), the Financial Credit Fund under the Ministry of Finance of the Kyrgyz Republic (FCF), the Russian-Kyrgyz Development Fund (RKDF) and the Kyrgyz Stock Exchange (KSE) have signed a letter of intent to implement a technical assistance project aimed at modernising the stock exchange in Kyrgyzstan.
The modernisation project aims to enhance the capacity of the Kyrgyz Stock Exchange and, consequently, the nation’s financial instruments market. It will involve modernising KSE’s IT infrastructure and trading system, thereby improving trading accessibility for international investors.
The EDB plans to provide a grant to KSE to modernise its infrastructure, which has not been updated since 2001. The project will explore the establishment of new trading sections for currency pairs and derivatives, as well as the expansion of infrastructure to boost trading volumes and the number of market participants.
“This agreement is important for the further development of KSE and Kyrgyzstan’s stock market as a whole. The Decree of the President of the Kyrgyz Republic On Measures for Further Developing the Stock Market and Exchange Activities states that priorities in developing the stock market include strengthening its institutional infrastructure, implementing digital technologies and expanding the range of financial instruments. In today’s exchange environment, using state-of-the-art technology is crucial in attracting investment, and any exchange would prioritise the strengthening of its technical capacity. A joint project by such reputable institutions will help to determine the market position of the exchange and bring it to a new level of digitalisation, contributing to the expansion of trading,” commented Medetbek Nazaraliev, President of KSE.
“This project will provide direct access to the stock exchange for financial institutions throughout Kyrgyzstan and integrate it with the trading platforms of EAEU countries, with the prospect of its development as one of the leaders of the exchange market ecosystem in Central Asia,” said Nikolai Podguzov, Chairman of the EDB Management Board.
