EBRD - The Times Of Central Asia

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EBRD Funds Upgrade of Major Highway in Uzbekistan

On 2 May, the European Bank for Reconstruction and Development (EBRD) announced the allocation of a loan of up to $238 million (€224 million) towards the renovation of around 81 km of the 4R156 road, as well as the construction of a bridge across the Amu Darya River in the Khorezm region of western Uzbekistan. The road is a strategically important section of the Central Asia Regional Economic Cooperation Corridor 2a, linking the region’s administrative centre, Urgench, with the A380 road to Kazakhstan. The loan will transform the current single-carriageway category-II road into a dual-carriageway category-I road, and in addition, help upgrade supporting infrastructure along the 4R156 road. Once completed, the new road with its much-improved throughput capacity, will stimulate both trade and tourism in Khorezm. EBRD President Odile Renaud-Basso commented: “We are supporting this project because it meets our strategic objectives for Uzbekistan and Central Asia. It is also part of the global transport and logistics infrastructure solutions covered by the European Union’s (EU) Global Gateway initiative.” In January 2024, at the Investors Forum for EU-Central Asia Transport Connectivity in Brussels, the EBRD expressed its readiness to invest around €1.5 billion in Trans-Caspian Corridor-related infrastructure and associated transport solutions over the next 2-3 years.

Tajikistan Transport EBRD Environment Women-owned Enterprises

EBRD Helps Improve Dushanbe’s Environment and Support Tajikistan’s Banking Sector

During a visit by Odile Renaud-Basso, President of the European Bank for Reconstruction and Development to Tajikistan, on 29-30 April, the EBRD committed funds to upgrade Dushanbe's infrastructure, develop sustainable transportation solutions , and support for women’s entrepreneurship. The EBRD’s loan of up to €28.45 million will help improve transportation in the city’s riverside area through the reconstruction of roads and a bridge across the Varzob River, as well as the construction of dedicated bus and trolleybus lanes, and purpose-built routes for walking, cycling, electric wheelchairs etc. “We are very pleased to sign this project with the authorities of Dushanbe,” commented EBRD's president. “They have been committed to the green agenda ever since the city joined the EBRD Green Cities programme in 2019.” The Dushanbe Green City Action Plan was developed in collaboration with the EBRD to address environmental and development issues affecting the 800, 000 residents of Tajikistan’s largest municipality. Investment to promote a strategic shift from carbon-intensive, traditional transportation towards more eco-friendly, sustainable alternatives, aims to reduce annual carbon dioxide emissions by 37 percent. Joined by the Chairman of the National Bank of Tajikistan, Firdavs Nazrimad Tolibzoda, Renaud-Basso then signed a memorandum of understanding to support the country’s development of the Women Entrepreneurs Finance Code. Representing providers of financial services, regulators, development banks and other stakeholders, the WE Financial Code was formed to increase financial assistance to women-led micro, small and medium enterprises, and as a globally accepted multi-stakeholder approach, help eliminate constraints and gaps in financing women entrepreneurs in Tajikistan. The EBRD has now provided fresh funds and created new growth opportunities for women-owned and managed businesses in Tajikistan. Under the auspices of its Women in Business (WiB) programme for Central Asia, a loan of US$ 5 million (€4.6 million) has been granted to one of the country’s largest lenders, Bank Arvand, alongside technical assistance to help the bank promote women’s entrepreneurship and business activity. In addition, and under the EBRD’s Trade Facilitation Programme, a limited loan of US$ 1 million (€0.9 million) was offered to country’s leading microlenders, MDO HUMO, to help local clients both import goods, services, and equipment, and export their products.

EBRD

EBRD Adds Kazakh Companies to Blacklist

Over the past six months, the European Bank for Reconstruction and Development (EBRD) has added two Kazakh enterprises to its blacklist of entities that the bank will not do business with. One of the companies is Astana's KS-Group LLP, which produces railway machinery and equipment. The company has been barred until April 2025 due to alleged fraudulent activities. The other enterprise, whose ban runs until December 2026, is Agidel-As LLP, which is also suspected of fraud. The company's website mentions its involvement in large water-supply projects, construction of heating networks and other engineering projects. KS-Group and Agidel-As are also blacklisted by the World Bank and Asian Development Bank. Several other entities and individuals from Kazakhstan have been added to another of EBRD's blacklists, entitled 'Sanctions Based on Third-Party Findings'. Among them are the companies A3 Commerce and AltocomAsia, to which in addition to fraud, theft is also alleged. Kazakh companies that appear on EBRD's blacklists reflect the negative side of the business environment in the country. However, it does also indicate that the country's law enforcement agencies are actively fighting fraud.

Wastewater treatment Kazakhstan EBRD

EBRD Finances Wastewater Treatment Plant in Kazakhstan

The European Bank for Reconstruction and Development (EBRD) has announced its commitment to financing the construction of a new wastewater treatment plant and associated infrastructure in Aktobe. The initiative is aimed to address pressing water treatment and environmental issues in Kazakhstan’s fourth-largest city. The EBRD is extending a sovereign loan of up to KZT 47.4 billion (€ 96.4 million) to state-owned JSC Aqtobe Su-Energy Group, a company responsible for centralized water supply, wastewater treatment and district heating in the city. The loan by the EBRD, its largest to date for any municipal project in Central Asia, will also finance the construction of a sludge treatment facility with a biogas-fuelled power generation unit. The new treatment plant will replace the current facility which commissioned in 1984, is now obsolete. With capacity to process up to 100,000 cubic metres of contaminated water per day, it will satisfy the needs of Aktobe’s population of 600,000. The proposed sludge treatment facility, which includes a waste-to-energy unit for the production of green energy to partially cover the area’s electricity consumption, will eliminate odour-related problems, and help reduce annual greenhouse gas emissions by 23,000 tons of CO2 equivalent. It is anticipated that once in operation, the plant will provide a model for replication across Kazakhstan where almost a third of cities are currently without effective wastewater treatment facilities

EBRD Kazakhstan Salt production

EBRD Supports Expansion of Kazakhstan’s Salt Production

The European Bank for Reconstruction and Development (EBRD) has provided a convertible loan of up to KZT 5.5 billion (€11 million) to Araltuz, a leading Kazakhstan-based producer of table and low-grade industrial salt in Central Asia. The funds will be lodged with Salt Industry Ltd., a joint-stock company operating under the jurisdiction of the Astana International Financial Centre and a holding company of Araltuz. The loan will enhance the company’s investment program and support construction of new manufacturing facilities for Kazakhstan’s production of vacuum salt, also known as evaporated or culinary salt. It will also help Araltuz diversify and expand exportation to Europe, the Middle East and China, and implement a corporate governance action plan. With more than €10.1 billion invested in the country to date through 320 projects, Kazakhstan is the EBRD’s largest and longest-running banking operation in Central Asia.

Kyrgyzstan EBRD Funding green projects

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.