BAKU, Azerbaijan, April 11. The European Investment Bank (EIB) is providing $83.6 million (out of the total amount of $396.4 million granted together with other IFIs) for Uzbekistan’s solar program to develop photovoltaic plants with the region’s largest total output, a source at the EIB told Trend.
Financial institutions such as Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), the European Bank for Reconstruction and Development (EBRD), and the European Investment Bank (EIB) will finance projects of UAE’s Masdar for the three large solar power plants with a total capacity of 900 MW construction in Uzbekistan’s Sherabad, Samarkand, and Jizzakh regions.
"In addition to the mentioned project the EIB supported in 2021 with some 44 million euros the development of the 100 MW solar photovoltaic plant located in Samarkand region," the bank said.
As the source noted, the EIB financing in Uzbekistan focuses on multiple infrastructure and economic sectors such as energy efficiency and renewable energy, as well as water management and access to finance for SMEs in the aftermath of the COVID-19 pandemic.
At the same time, the total loans signed in Uzbekistan as of today amount to 410 million euros.
"In Uzbekistan, similar as in other countries of the Central Asia the EIB operations focus, In line with the EU priorities, on the support of sustainable connectivity and the transition towards a sustainable, climate-neutral growth model. In this region, EIB’s support to climate action is focused on financing green infrastructure projects - energy efficiency, renewable energy, energy transmission, water supply and sanitation and improvement of the access to finance of local SMEs support. Since the start of EIB operations in Central Asia in 2001, EIB has developed a diverse and fast-growing portfolio in the region. The Bank continues to explore opportunities in engaging in access to finance support for the private sector in this region, while supporting as much as possible their link to more green activities and practices," the EIB added.