The ministry’s statement, as Asia-Plus carried it on Monday afternoon, comes from the annual meetings of the World Bank Group and the IMF in Bangkok. Finance minister Faiziddin Kahhorzoda met Antonella Bassani, the World Bank’s vice-president for Europe and Central Asia, and Wempi Saputra, a vice-president of the ADB, and the main subject was the financing of Rogun and the coordination of the two lenders.
The ADB “plans to direct $500 million to the construction of the Rogun hydropower plant”, the report says, with $200 million as a grant and $300 million as a concessional loan. The two banks discussed a Full Mutual Reliance Framework, under which one set of agreed requirements and procedures would govern project appraisal, procurement and construction supervision, so that procedures are not duplicated and money arrives faster.
Asia-Plus adds the qualification itself: the ministry’s statement “does not speak of final approval of financing in the amount of $500 million”, the sum remains a planned allocation, and the ministry names no date for a board decision. The dam’s own numbers in the same report: completion in 2032, as the updated project document CAW reported on Monday gives it, the reservoir filled to design level around 2036, 190 metres of a 335-metre dam built, more than 61% of the material placed and 60.3 billion somoni spent from the budget and other sources since 2008.
The plant’s nine-month report, read by Asia-Plus’s Payrav Chorshanbiev on Tuesday morning, shows what the lenders would be backing. Rogun generated almost 1.18 billion kilowatt-hours in January to September and sold about 1.166 billion of them to Barqi Tojik, the state company that buys from the generators. The deliveries were uneven: 1.36 million kilowatt-hours in June, as the report prints it, and 272 million in September, the highest month of the period and nearly double August, with no reason given for either swing.
Barqi Tojik owed the Rogun plant 983.2 million somoni at the end of September, about $110 million, and the debt had grown by 21.6 million in a month. It had stood at about 1.1 billion at the start of the year and 1.13 billion in February, fell by 118.4 million in May, dropped below a billion in June for the first time in the period and reached 961.6 million at the end of August. The report does not explain why it turned up again in September, Chorshanbiev notes.
Money from the sale itself is modest. The electricity delivered to Barqi Tojik in nine months was worth 250.1 million somoni without VAT and 285.1 million with it, at a tariff of 21.46 diram a kilowatt-hour before tax, so the September debt is almost four times the nine months’ billing before VAT. Rogun also buys power, because parts of the site are not yet on its internal supply: its own debt to the distribution company, Shabakahoi Taqsimoti Barq, fell from 96.5 million to 3.3 million somoni in the first half of the year, and the new report gives no figure for September.
Barqi Tojik owed the Rogun plant 983.2 million somoni at the end of September, about $110 million, and the debt had grown by 21.6 million in a month.
Barqi Tojik’s own accounts put the arrears in proportion. Its 2025 financial statements show the group’s liabilities at 23.3 billion somoni, including about 8.4 billion of payables, of which about 7.5 billion is for electricity, with Sangtuda-1, Sangob and Rogun as the largest creditors. Accumulated losses stood at 29.3 billion at the end of last year, and the auditor, Baker Tilly, warned of material uncertainty about the company’s ability to continue without further financial support.
The company’s head, Mahmadumar Asozoda, said in July that lower losses in the network and better collection were bringing the debts down, and the Rogun figures bore him out through August, before September took 21.6 million of it back. Six units would bill a multiple of what two do at reduced capacity, and nothing in the two lenders’ framework says who pays the dam for that power. The plant’s own fourth-quarter report is the next figure.