Kyrgyzstan and Russia have officially terminated an agreement on the construction of hydropower plants, the National Energy Holding Company of Kyrgyzstan said on Wednesday.

The agreement was signed in September 2012 in the Kyrgyz capital of Bishkek, under which Kyrgyzstan and Russia were to build hydropower plants on the Upper Naryn cascade and Kambar-Ata-1 on the Naryn River.

However, at a press conference in December 2015, Kyrgyz President Atambayev declared that Russia was not able to implement the project because of its own economic turmoil.

And in January this year, the Kyrgyz Parliament voted for the denouncement of the agreement, and the bill was signed into law by Atambayev subsequently.

At present the Kyrgyz and the Russian sides are negotiating to resolve outstanding financial issues related to the hydropower plants, Kyrgyz media reported.

The Kyrgyz side will conduct an international audit to determine the costs of the Russian side.

Simultaneously, the Kyrgyz government is working to attract potential investors for the project, media reports said.

Source : XINHUA