Dushanbe, Tajikistan, March 12, 2009—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.
IFC, a member of the World Bank Group, creates opportunity for people to
escape poverty and improve their lives. We foster sustainable economic
growth in developing countries by supporting private sector development,
mobilizing private capital, and providing advisory and risk mitigation
services to businesses and governments. Our new investments totaled $16.2
billion in fiscal 2008, a 34 percent increase over the previous year. For
more information, visit www.ifc.org.