The European Bank for Reconstruction and Development (EBRD) has launched a $150 million Kazakhstan Green Economy Financing Facility II (GEFF Kazakhstan II) on March 27 to help businesses and households adopt environmentally friendly practices, reported the EBRD’s press service.
Financial institutions under the GEFF Kazakhstan II program will receive funds for on-lending to individuals, private-sector companies, and small and medium-sized businesses nationwide.
“It will facilitate investment in climate change mitigation and adaptation projects, advance the circular economy, and promote the decarbonization and competitiveness of Kazakhstan’s economy,” said EBRD Director for Kazakhstan Hüseyin Özhan.
The new facility will support hundreds of companies and thousands of households in modernizing production, increasing energy efficiency, and improving climate resilience.
With the support of the Climate Investment Funds (CIF), GEFF Kazakhstan II also offers financing to vendors and producers of high-performing green goods and equipment, promoting the development of local markets to boost the green economy, make green technologies more affordable, and create new job opportunities.
Given the increased role of women in the economy, financial institutions participating in GEFF Kazakhstan II will offer gender-sensitive financial products, considering the EBRD’s Gender SMART approach driven by gender equality.
GEFF Kazakhstan II, based on the GEFF Kazakhstan pilot in 2020, has attracted more than 1,500 clients and allocated over $30 million for energy- and resource-efficiency projects countrywide, reducing annual carbon dioxide emissions by more than 200,000 tonnes and achieving immediate energy savings of more than 573,000 megawatt hours. More than 60 percent of these projects involved women-led businesses and rural companies.