BAKU, Azerbaijan, March 27. The European Bank for Reconstruction and Development (EBRD) provides funds up to $150 million to participating financial institutions under the Kazakhstan Green Economy Financing Facility II (GEFF Kazakhstan II) for on-lending to individuals, private-sector companies, and SMEs operating in the country, Trend reports, citing the EBRD.
The aim of the project is to assist Kazakhstan in reducing energy consumption, promote the use of renewable energy sources and enable local businesses to develop environmentally friendly approaches.
The EBRD estimates that the allocation of funds will enable hundreds of companies and thousands of households to modernize production and improve their energy efficiency.
Additionally, GEFF Kazakhstan II will promote the development of local markets for green technologies and equipment, which will positively impact the growth of green economy EBRD also expects the initiative to lead to the creation of new employment opportunities.
The London-based bank highlights that GEFF Kazakhstan II builds on the success of the GEFF Kazakhstan pilot project, which was initiated in 2020. Since its inception, some $30 million were allocated to more than 1,500 clients for the purpose of implementation of energy and resource efficiency projects.
The EBRD is one of the major organizations assisting Kazakh businesses and clients. The current EBRD portfolio in Kazakhstan as of January 1, 2023, amounted to 2.91 billion euros. The portfolio is designed for the implementation of 122 ongoing projects.