BAKU, Azerbaijan, May 17. EBRD (European Bank for Reconstruction and Development) will provide $5 million to Kyrgyzstan's Kompanion Bank for promotion of green lending in the country, Trend reports with reference to the EBRD.
According to the bank, the loan will be provided to the Kompanion Bank so it can further subloan it to help small businesses (SMEs) in Kyrgyzstan to modernize production, increase efficiency and address environmental problems, including soil erosion and degradation.
The main objective of the loan is to finance projects in the field of energy and water efficiency. It will touch the agriculture sector and small and medium-sized enterprises (MSME).
"Potential borrowers will have access to energy-saving technologies available through the online Technology Selector on the KyrSEFF III website. The Selector also helps local businesses find approved producers and vendors of eligible materials and equipment," the EBRD said.
Kompanion Bank has been the client of EBRD since 2007.
The EBRD has been cooperating with Kyrgyzstan since 1992. The bank activities in the country focus on fostering sustainable growth, enabling SMEs (small and medium-sized enterprises), promoting the sustainability of public utilities, and strengthening the financial sector.
So far, the bank has provided investments for 879 million euro for 221 projects in Kyrgyzstan.