The decision to award the consortium the project was based on its offer of $33.67564 per megawatt-hour (MWh), the lowest electricity cost compared with other competing bids.

The move will significantly increase output of a project conceived to reduce Europe's dependence on Russian gas.

The three-year bonds worth 12.5 billion tenge ($28.8 million) were auctioned at full issue price on the Kazakhstan Stock Exchange (KASE).

IMF projects 3.7 percent economic growth this year that will converge to its potential over the medium term.

The funds will cover payments for Russian equipment and services under the project, as well as part of the costs in Uzbekistan.

The main goal of the project was to expand Kyrgyz women’s economic opportunities through training in practical skills in the field of information technology, increasing literacy, developing leadership and entrepreneurship.

TBC Bank reported a net profit of 610.5 million lari ($197 million) in the first nine months of this year from 221.8 million lari in the same period last year.

Gas prices in Europe rose sharply after Germany’s energy regulator suspended the certification process for the Nord Stream 2 underwater pipeline taking Russian gas to Germany.