BISHKEK, Kyrgyzstan, April 30. The International Finance Corporation (IFC) will support the use of geothermal energy in Kyrgyzstan for heating and cooling buildings, Trend reports.
According to Kyrgyzstan’s Ministry of Economy and Commerce, the agreement was signed by the IFC, the Ministry of Economy and Commerce, and the Bishkek city hall. Initially, this initiative will be implemented only in Bishkek, with plans for expansion across the country in the future.
The ministry noted that this marks the beginning of an important phase aimed at introducing innovative energy solutions in Kyrgyzstan. The next step will involve identifying and implementing projects to involve the private sector in developing the geothermal energy sector in the country. This will create new opportunities for infrastructure development projects.
The IFC plans to finance such projects, including through attracting funding from international partners to ensure blended financing, providing technical assistance, and implementing investment projects in the country.
Geothermal energy is considered a clean and sustainable energy source capable of providing energy supply from the Earth's natural heat around the clock. Under suitable conditions, geothermal energy can compete with coal or natural gas. As a cleaner energy source, geothermal energy can play a crucial role in the environmental sustainability of the energy sector.