EBRD to allocate loan to Kyrgyz Investment and Credit Bank
By Aynur Jafarova
The European Bank for Reconstruction and Development (EBRD) will allocate a loan worth $5 million to the Kyrgyz Investment and Credit Bank (KICB) within the Kyrgyz Sustainable Energy Financing Facility (KyrSEFF) program, local Kyrgyz media reported on July 1.
In 2013 KICB received $3 million as part of the first credit line within the KyrSEFF program.
Given the success of this project and the strong demand from the borrowers, KICB submitted an application to the EBRD for new financing within KyrSEFF.
KICB chairman Kwang Young Choi said the second credit line on KyrSEFF program shows the commitment of KICB to promote energy efficiency initiatives in Kyrgyzstan.
The agreement with the EBRD will enable KICB to continue the program of providing loans and grants KICB's customers in order to improve energy efficiency of buildings, commercial objects and energy infrastructure.
Since the beginning of its operations in the country, the EBRD has invested close to €470 million ($ 637 million) in Kyrgyz economy through 112 projects supporting various sectors and industries.
The current EBRD portfolio in Kyrgyzstan is represented by 51 projects amounting to almost €230 million ($312 million) in the natural resources, financial, infrastructure and industry (agriculture, manufacturing and services, property and tourism) sectors.