EBRD to support green innovation in Uzbekistan

Uzbekistan Materials 27 November 2021 13:35 (UTC +04:00)

BAKU, Azerbaijan, Nov. 27

By Natavan Rzayeva - Trend:

The European Bank for Reconstruction and Development (EBRD) supported green innovation in Uzbekistan by extending a $10 million loan to the country’s largest private lender Hamkorbank, Trend reports via the press services of the bank.

The financing will help domestic small and medium-sized enterprises, which are responsible for at least 56 percent of Uzbekistan’s GDP, invest in green technologies. The funds will be provided under the EBRD’s Green Economy Financing Facility (GEFF) launched in Uzbekistan in 2019 to support green finance.

Hamkorbank is the third financial institution in the country to join the facility that is supported by grants from the Austrian Federal Ministry of Finance and the Taiwan Business-EBRD Technical Cooperation Fund.

The GEFF program is part of the Bank’s Green Economy Transition approach. It operates through a network of more than 150 local financial institutions across 27 countries, supported by around 5 billion euros of EBRD finance.

To date, more than 200,000 GEFF investments have collectively helped avoid annual CO2 emissions of approximately 9 million tonnes.

Up to now, the EBRD has invested almost 2.7 billion euros in 104 projects in Uzbekistan.