EBRD finances energy efficiency projects in Kyrgyzstan
By Aynur Jafarova
The European Bank for Reconstruction and Development has provided new lending to Kyrgyz Investment and Credit Bank to increase financing for energy efficiency projects.
Being one of EBRD partner banks in Kyrgyzstan, KICB will receive a loan worth $2 million, EBRD reported on December 23.
These funds will be used for on-lending to businesses and households wishing to make energy efficiency improvements, for example buy more efficient equipment or install insulation.
This will be the third such cooperation between the EBRD and KICB.
The framework, under which the loan is being made, Kyrgyz Sustainable Energy Financing Facility, is one of the EBRD’s range of instruments to finance energy efficiency and small-scale renewable energy projects in the region.
KyrSEFF offers credit lines and technical assistance to local banks, to enable them to finance small-scale sustainable energy projects. KyrSEFF is supported by the European Union’s Investment Facility for Central Asia (IFCA).
KyrSEFF is a $20 million facility which is part of the EBRD’s wider Sustainable Energy Financing Facility. KyrSEFF financing includes grants covering from 10 to 35 percent of the project cost provided by the European Union’s Investment Facility for Central Asia (IFCA).
KICB was one of the banks honored at the first KyrSEFF awards in the country help by the EBRD in partnership with the EU in November 2014.
To date, the EBRD has invested over €510 million in 117 projects in Kyrgyzstan.