Green Climate Fund to allocate $110M for Kazakhstan’s renewables projects
Baku, Azerbaijan, Oct. 5
By Ali Mustafayev – Trend:
The Green Climate Fund will allocate $110 million for the projects of the European Bank for Reconstruction and Development (EBRD) on Kazakhstan’s renewable energy sector.
The GCF loan includes $106 million of concessional financing and $4 million of technical assistance grants, Kazakhstan’s Ministry of Energy said in a message Oct. 5.
The projects are expected to assist the transition of Kazakhstan to the green economy, which includes the development of solar, wind, hydropower and biogas energy as well as the modernization of electric grids in order to expand the integration of renewable energy sources.
EBRD will be executing these projects. The bank has invested €7.3 billion ($8.5 billion) to Kazakhstan to date.