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EBRD committed to financing renewable energy projects in Kazakhstan

Oil&Gas Materials 15 April 2021 15:55 (UTC +04:00)
EBRD committed to financing renewable energy projects in Kazakhstan

BAKU, Azerbaijan, Apr. 15

By Nargiz Sadikhova - Trend:

The European Bank for Reconstruction and Development (EBRD) is committed to financing renewable energy projects in Kazakhstan, the EBRD told Trend.

On Mar. 30, the EBRD and the government of Kazakhstan have agreed on an Enhanced Partnership Framework Arrangement (EPFA) to boost the resilience, modernization, digitalization and regional integration of the national economy as well as to accelerate its recovery following the COVID-19 pandemic.

The EPFA will be in place for 5 years and foresees joint activities in a number of areas, the EBRD official said.

The EBRD official also emphasized the fact that the EBRD and Kazakhstan have agreed to develop a long-term cooperation strategy to achieve carbon neutrality of the country’s power sector by 2060.

“The parties will cooperate, among other things, on the development of renewable energy and the carbon market, the enhancement of the electrical grid and the decommissioning of old thermal capacity. The Bank is committed to financing renewable energy projects implemented through an auction mechanism in order to promote competitive pricing and to stimulate investment in renewable energy,” the official said.

To date, the EBRD has invested more than US$ 7.95 billion in the economy of Kazakhstan through 280 projects. Supporting small businesses is particularly important to the EBRD and in line with its country strategy for Kazakhstan.

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