World Bank to provide Tajikistan with $60 mln to integrate energy systems in Central Asia

DUSHANBE. Feb 16 (Interfax) - The World Bank will provide $60 million to Tajikistan under the Central Asia Electricity Market and Integration (REMIT) program, the World Bank office in the country said.

Tajikistan's Finance Minister Fayziddin Kahorzoda and World Bank country director Gael Raballand signed the financing agreement.

"With regional electricity demand expected to triple by 2050, the REMIT program aims to leverage Tajikistan's hydropower export potential through enhanced connectivity and regional cooperation," according to the statement.

The bank is counting on the program enabling more efficient use of shared energy resources in order to ensure energy security and provide affordable, reliable, and sustainable electricity throughout Central Asia.

The World Bank's board of executive directors approved the REMIT program at the end of January to be implemented over 10 years in three phases. REMIT will create Central Asia's first regional electricity market, increase electricity trading, expand transmission capacity, and lay the foundation for large-scale integration of renewable energy sources. Kyrgyzstan, Tajikistan, and Uzbekistan, as well as the Central Asian Coordination Dispatch Center entitled Energy, will receive grants and concessional financing totaling $143.2 million during the first phase. Overall estimated funding across the three phases totals $1.02 billion.