EBRD provides loan to Uzbek bank for investments in RES
Baku, Azerbaijan, Sept. 11
By Fakhri Vakilov - Trend:
EBRD has launched pilot investment projects on energy efficiency and renewable energy sources (RES) for small and medium enterprises in Uzbekistan, Trend reports via Uzbek media
Small enterprises in Uzbekistan will be able to invest in energy efficiency and renewable energy thanks to access to the pilot mechanism for Green Economy Financing Facility (GEFF), which was signed on September 10 with Ipak Yuli Bank of Uzbekistan.
The mechanism will provide loans to small and medium-sized enterprises (SMEs) and corporations for investments in green technologies that reduce greenhouse gas emissions, as well as technologies for adapting to climate change and mitigating its effects.
Ipak Yuli Bank has registered as the first local partner, having received an EBRD credit line of 4.4 million euros for lending to private companies. The loans will cover investments in green technologies such as thermal insulation, photovoltaic solar panels, geothermal heat pumps and water-saving irrigation systems. Businesses can identify typical green technologies using the GEFF technology selector.
The official signing ceremony of the loan agreement between the EBRD and Ipak Yuli Bank was attended by various stakeholders, including government officials, international donor and financial institutions, local financial institutions, suppliers and manufacturers of green technologies and businesses.
GEFF seeks to expand coverage to include more participating financial institutions, supporting the country's transition to a green economy.
To date, the EBRD has invested 1.3 billion euros in the economy of Uzbekistan through 70 projects.
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