EBRD supporting green and sustainable lending in Kyrgyzstan

Kyrgyzstan Materials 8 December 2022 17:37 (UTC +04:00)
Aygun Maherramova
Aygun Maherramova
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BAKU, Azerbaijan, December 8. The European Bank for Reconstruction and Development (EBRD) has launched the Kyrgyz Republic Green Economy Financing Facility III (KyrSEFF III) for on-lending to small and medium-sized businesses and households across the country, Trend reports via EBRD.

KyrSEFF III was built on similar financing facilities (KyrSEFF I and II), which were supported by the EU and successfully implemented between 2012 and 2022. More than 3,500 projects financed through these facilities achieved annual energy savings of almost 200,000 MW.

"While previous programmes have focused mainly on energy and resource efficiency, the new facility will broaden the scope of its activities. It aims to introduce new, inclusive financial products to support climate resilience and adaptation, reduce pollution and promote the sustainable use of water," the EBRD said.

The new program, which will give finance in the amount of $50 million (in both US dollars and Kyrgyz soms), is anticipated to help Kyrgyzstan become less dependent and intense on energy. Additionally, it will aid in resolving urgent environmental issues such as water stress, soil erosion, heat stress and hydrological variability.

To date, the EBRD has invested 922 million euros for the implementation of 213 projects in Kyrgyzstan, with the majority of its funds going to support private entrepreneurship.