EBRD plans to boost green energy financing in Uzbekistan (Exclusive)

Business Materials 6 October 2019 09:39 (UTC +04:00)
EBRD plans to boost green energy financing in Uzbekistan (Exclusive)

Baku, Azerbaijan, Oct.6

By Fakhri Vakilov - Trend:

European Bank for reconstruction and development (EBRD) launched its Green Energy Financing Facility (GEFF) in Uzbekistan in mid-September, representative of EBRD told Trend in an interview.

"This facility channels EBRD funding to local small and medium sized enterprises that are interested in implementing energy efficiency improvements in their operations through partner financial institutions," the official said.

As the spokesperson stated, Ipak Yuli bank was the first commercial bank in Uzbekistan that joined GEFF.

"We hope that more banks will join soon. In addition to GEFF, the EBRD will promote renewable energy (solar and wind) separately through large scale projects benefiting from open international tenders," EBRD official added.

The representative stated that EBRD is confident that Ipak Yuli Bank business model will make the GEFF launch a great success.

"We may consider increasing this line in the future, but as implied above, we will also consider supporting further expansion of GEFF through credit lines to additional banks. Generally speaking we are always looking for new opportunities to promote "GREEN Financing" which is in line with our Country Strategy for Uzbekistan," the official stressed.

The representative added that there are three main areas of EBRD activity in Uzbekistan. Namely: the enhancement of competitiveness by strengthening the role of the private sector; the promotion of green energy and efficient use of resources; the support increased regional and international cooperation and integration.


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