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EBRD Announces Third Stage of Funding for Green Projects in Kyrgyzstan

On 29th February, Mark Bowman, Vice President of The European Bank for Reconstruction and Development (EBRD) visited Bishkek to announce a new partnership with Demir Kyrgyz International Bank, FINCA Bank Kyrgyzstan, and Kyrgyz Investment and Credit Bank. Applauding their commitment, Bowman said, “We welcome partner banks to KyrSEFF III and their participation in our third green financing facility in the Kyrgyz Republic to help address pressing environmental challenges. For more than 10 years, the EBRD, local financial institutions and the authorities have worked together to promote a greener future for the country. We look forward to building on this success.” Kyrgyzstan’s Minister of Economy and Commerce, Daniyar Amangeldiev expressed gratitude to the EBRD for supporting the KyrSEFF program, which has so far invested more than $55 million in 3,355 energy efficiency projects in Kyrgyzstan. While previous initiatives focused mainly on energy and resource efficiency, the new Green Economy Financing Facility KyrSEFF III has expanded its remit by investing a further $50 million to support climate resilience and adaptation, reduce pollution and promote the sustainable use of water. Loans will be offered to relevant small and medium-sized businesses as well as households across the country. Finance will also be available to retailers and producers of material and equipment covered by the KyrSEFF Technology Selector, an online database of energy-saving technologies.

Tajikistan's electrical grid Green Energy EBRD

EBRD Helps Increase Reliability of Tajikistan’s Electrical Grid

An announcement was made on February 28th that the European Bank for Reconstruction and Development (EBRD) is to increase the reliability and sustainability of electricity supply in Tajikistan. The national transmission network operator Shabaqahoi Intiqoli Barq (SIB) will be awarded some €31 million, comprising two EBRD sovereign loans and an investment grant of up to €8 million to help restore the existing transformer and construct a new one at the Sugd-500 substation in the north of the country. The northern Tajikistan power system depends on the 500 kV Sugd-Dushanbe high-voltage line connected to the Sugd-500 substation. Once upgraded and expanded, the substation will allow for a more sustainable electrical grid able to meet domestic and export demands. It will also help SIB integrate up to 700 MW of renewables in line with Tajikistan’s 2030 National Development Strategy to diversify its energy production. In 2023, Tajikistan’s energy capacity exceeded 6,000 megawatts, and electricity production amounted to 22 billion kilowatt-hours; 4.8 billion kilowatt-hours or 28% more than in 2017. Addressing the issue last December, Tajik President Emomali Rahmon announced that the government was making sound progress in its strategy to establish a ‘green economy’. To achieve this goal, he explained that over the next seven years, Tajikistan aims to increase electricity exports to 10 billion kilowatt-hours, and by 2030, the construction of power plants employing renewable energy sources will increase the production of green energy to 1,000 megawatts. Looking ahead, the country aims to source all its electricity from renewable sources, primarily hydropower, by 2023.

EBRD

EBRD Approves New Strategy For Uzbekistan

The European Bank for Reconstruction and Development (EBRD) has approved a new strategy for Uzbekistan, setting out the bank’s priorities in the country until 2029. The EBRD’s strategic approach to operations in Central Asia’s most populous state will be based on activities in three areas: supporting decarbonization, greater water efficiency and cleaner energy; developing the private sector and fostering employment, skills, inclusion and the digital transition; and improving economic governance, the business climate and infrastructure connectivity, the bank said on January 26th. Under the first priority, the EBRD will work with the authorities to further decarbonize the national economy and increase the share of renewable energy in the total power output. It will pay special attention to creating low-carbon pathways and reducing methane emissions under Uzbekistan’s Global Methane Pledge commitments. The EBRD will also support the commercialization and modernization of power distribution and transmission networks, and channel further funds into modernizing and upgrading water, wastewater and irrigation facilities. Under the second priority, the EBRD will expand its support to the country’s private sector by providing direct financing, credit lines to small and medium-sized enterprises, and risk-sharing through local partner banks and trade finance facilities to support increased energy efficiency and women- and youth-led enterprises. Domestic small businesses will continue benefiting from the EBRD’s Business Advisory Services programme. The bank will also promote further digitalization in the private sector, the expansion of e-commerce and the development of local capital markets. Under the third priority, the EBRD will continue supporting the transformation of and governance improvements to state-owned enterprises and banks. It will support privatization, including through pre-privatization engagements; provide advice and financing to encourage the wider use of public-private partnerships; and support public-private sector dialogue through the Foreign Investors Council to help increase foreign direct investment. The bank will continue working to enhance regional and global connectivity, including through policy engagements and financing to improve transport connectivity and regional power trading, and help lower trade barriers. Uzbekistan is the leading recipient of EBRD funding in Central Asia for the fourth year running. To date the bank has invested around €4.28 billion in 147 projects across the country, most of which support private entrepreneurship and investment.

EBRD

EBRD Invested More Than €1.2bn In Central Asian Economies In 2023

The European Bank for Reconstruction and Development (EBRD) says it invested more than €1.2bn ($1.3bn) in projects across Central Asia in 2023 to stimulate the region’s sustainable growth. Uzbekistan remained the leading recipient of EBRD funding in the region for the fourth year running, attracting more than €700m ($760m). The remaining €518m ($560m) were channeled to support projects in Kazakhstan, Kyrgyzstan, Mongolia, and Tajikistan. In Uzbekistan, the EBRD continued investing in renewable energy power generation and low-carbon technologies. It financed the construction of three greenfield solar power plants with a total installed capacity of nearly 900 MW. The bank provided funds to ACWA Power Wind Karatau to finance the construction of a 100 MW wind power plant in the autonomous republic of Karakalpakstan. It also provided a sovereign loan to modernise 118 pumping stations and improve the sustainability of water supply for irrigation in the densely populated Fergana Valley. Samarkand became the first city in the country to join the EBRD Green Cities programme, and is planning to deploy ecologically friendly electric buses as part of this engagement. In the financial sector, the bank continued working with local financial intermediaries such as SQB, Hamkorbank and Ipak Yuli Bank to support SMEs and promote green lending. Highlights of the EBRD’s work in Kazakhstan include the launch of the GEFF Kazakhstan II and an investment in a local currency bond issued by the country’s transmission system operator, KEGOC. The funds will help make the country’s electrical grid more sustainable and reliable. The bank’s loan to China Power International Holding and Visor International will be used to build, operate and connect the 100 MW Shokpar wind power plant to the transmission grid. The EBRD’s loan to Kazakhstan’s largest private rolling stock operator, Eastcomtrans, will help expand container-handling capacity at one of the most congested junctions near Almaty and address the issue of bottlenecks along the Trans-Caspian corridor. Last year marked the completion of the street lighting system in Ust-Kamenogorsk (Oskemen), which allowed energy-efficient LED street lights to be installed on 150 streets. In the financial sector, the bank extended a new loan to the country’s leading microlender KMF to support green lending and women’s entrepreneurship. In Kyrgyzstan, the EBRD supported the modernisation of water supply services in the Batken and Jalal-Abad oblasts. The bank signed a number of sovereign projects aimed at modernising key transport and energy infrastructure, which will help improve the country’s connectivity and climate resilience. These projects included loans to upgrade a 30km section of the Issyk-Kul Lake ring road, increase the reliability of the national electricity transmission and distribution grid, and rehabilitate and modernise the Lebedinovskaya hydropower plant. The EBRD also completed the Bishkek landfill project last year, which will provide major environmental benefits for the more than one million people living in the country’s capital. The completion of three infrastructure projects in Tajikistan allowed more than 400,000 people in 13 municipalities across the country to enjoy better access to clean and safe drinking water. Last year the EBRD launched the GEFF Tajikistan II and extended new GEFF loans to Bank...

Central Asia EBRD Finance

EBRD appoints the Bank’s new managing director for Central Asia

ASTANA (TCA) — Bruno Balvanera has been appointed new European Bank for Reconstruction and Development (EBRD) Managing Director, Central Asia. In this position he will be responsible for one of the most geographically diverse regions of the Bank’s operations, with current commitments close to US$ 13.5 billion (€11.6 billion), the Bank said on October 16. Continue reading

Finance Investments Green economy EBRD Economy Uzbekistan

EBRD approves new strategy for Uzbekistan

TASHKENT (TCA) — The European Bank for Reconstruction and Development (EBRD) Board of Directors has approved a new strategy for Uzbekistan which sets out the Bank’s priorities in the country for the next five years. The strategy reflects recent changes in the country’s political and macroeconomic environment and is aimed at the creation of an open, integrated and export-driven economy, the Bank said on September 28. Continue reading