27 Mar 2023 17:48

EBRD providing up to $150 mln to promote green investment in Kazakhstan

ALMATY. March 27 (Interfax) - The European Bank for Reconstruction and Development is providing up to $150 million in tenge to participating financial institutions under the Kazakhstan Green Economy Financing Facility II for on-lending to individuals, private-sector companies and small and medium-sized businesses across the country, the bank said in a statement.

The facility will also offer financing to vendors and producers of high-performing green goods and equipment, including those covered by the online Green Technology Selector, available on the GEFF Kazakhstan II website, the statement says.

Supported by the Climate Investment Funds, GEFF Kazakhstan II will also promote the development of local markets for green technologies and equipment, which will contribute to the growth of the green economy, make green technologies more affordable and create new job opportunities. It will facilitate investment in climate change mitigation and adaptation projects, advance the circular economy, and promote the decarbonisation and competitiveness of the Kazakh economy.

GEFF Kazakhstan II also incorporates the EBRD's Gender SMART approach, promoting equality of opportunity and the increased role of women in Kazakhstan's economy. Participating financial institutions will take on board a new investment culture driven by gender equality and offer gender-sensitive financial products.

With more than 10 billion euros invested in the country to date through 304 projects, Kazakhstan is the EBRD's largest and longest-running banking operation in Central Asia.