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Astana, Kazakhstan • 29 March, 2023 | 10:42

EBRD to Fund Green Projects in Kazakhstan Worth Up to $150M

GEFF Kazakhstan II is expected to promote the development of green technologies and equipment

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Freepik/master1305
Freepik/master1305

The European Bank for Reconstruction and Development (EBRD) plans to provide up to $150 million in the national currency to green enterprises in Kazakhstan, QazMonitor reports.

Funds will be allocated to financial institutions under the Kazakhstan Green Economy Finance Facility II (GEFF Kazakhstan II) for lending to individuals, private sector companies, and small and medium-sized businesses throughout the country.

GEFF Kazakhstan II is expected to promote the development of green technologies and equipment, making them more accessible and creating new job opportunities in this field. These changes will facilitate investments in climate change mitigation projects, advance the circular economy, and promote the decarbonization and competitiveness of the local economy.

The funds will also be accessible to vendors and manufacturers of high-performance green goods and equipment, including those covered by the Green Technology Selector registry and available on the GEFF’s official website.

Since its inception in 2020, the program has attracted more than 1,500 customers and channeled more than $30 million into energy and resource conservation projects across the country.

Throughout the years, GEFF Kazakhstan I and II have helped the country to reduce annual CO2 emissions by more than 200,000 tons and achieved primary energy savings of more than 573,000 MWh. Funds were provided through Bank CenterCredit, Shinhan Bank, and the microfinance organization KMF. 60% of those were women-led businesses that implemented projects in rural areas.

To date, with more than €10 billion invested in the country through 304 projects, Kazakhstan is the EBRD’s largest and longest-running banking operation in Central Asia.

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