EBRD Pledges New Funds to Promote Green Investment in the Kyrgyz Republic

Source: www.gulfoilandgas.com 12/8/2022, Location: Asia

- EBRD launches US$50 million KyrSEFF III facility
- Bank is supporting green and sustainable lending in the Kyrgyz Republic
- SEFF programmes mark 10 successful years of operation in the country

Hundreds of businesses and households in the Kyrgyz Republic will be able to modernise production, increase efficiency and/or improve their climate resilience thanks to a new financing facility approved by the Board of Directors of the European Bank for Reconstruction and Development (EBRD).

The Bank will channel funds of up to US$ 50 million to partner banks and financial institutions under the Kyrgyz Republic Green Economy Financing Facility III (KyrSEFF III) for on-lending to small and medium-sized businesses and households across the country. The facility may also offer financing to vendors and producers of eligible materials and equipment covered by the online Technology Selector, a database of energy-saving technologies, available on the KyrSEFF website.

KyrSEFF III builds on similar financing facilities (KyrSEFF I and II) worth US$ 55 million, which were supported by the European Union and successfully implemented between 2012 and 2022. More than 3,500 projects financed through these facilities achieved annual energy savings of almost 200,000 MW and water savings of more than 153,600 m3. They also helped to reduce annual CO2 emissions by more than 67,000 tonnes.

While previous programmes have focused mainly on energy and resource efficiency, the new facility will broaden the scope of its activities. It aims to introduce new, inclusive financial products to support climate resilience and adaptation, reduce pollution and promote the sustainable use of water.

EBRD Regional Head for the Kyrgyz Republic, Tajikistan and Turkmenistan Ayten Rustamova said: “We are pleased to announce the launch of the third green financing facility in the Kyrgyz Republic. Over the past 10 years, the EBRD, our partner banks and the authorities have helped these programmes become a useful tool in promoting a greener future for the country.”

The new programme will offer financing in both US dollars and Kyrgyz som and is expected to contribute to a reduction in the Kyrgyz Republic’s energy dependence and intensity. It will also help address pressing environmental issues, such as water stress, soil erosion and degradation, heat stress and hydrological variability. The latter is important in a country badly affected by climate change.

To date, the EBRD has invested €922 million through 213 projects in the Kyrgyz Republic, with the majority of its funds going to support private entrepreneurship.

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