Green Economy Financing Facility project in Uzbekistan launched
Small businesses in Uzbekistan will be able to invest in energy efficiency and renewable energy measures thanks to access to a Green Economy Financing Facility (GEFF) that was signed with Ipak Yuli Bank on 10 Sept, 2019. The pilot facility will provide small and medium-sized enterprises (SMEs) and corporations with loans for investments in technologies that reduce greenhouse gas emissions, and that facilitate climate adaptation and mitigation. Ipak Yuli Bank signed up as the first local partner, receiving an EBRD credit line of 4,4 million Euros for on-lending to private companies. Loans will cover investments in green technologies such as thermal insulation, photovoltaic solar panels, geothermal heat pumps or water-efficient irrigation systems. Businesses can identify appropriate green technologies through the so-called GEFF Technology Selector. The formal signing of the loan agreement between EBRD and Ipak Yuli Bank brought together various stakeholders, including state officials, international donor and financial institutions, local financial institutions, suppliers and producers of green technologies and businesses.
The GEFF program of the European Bank of Reconstruction and Development operates through a network of more than 130 local financial institutions across 24 countries supported by almost EUR 4 billion of finance. This has enabled more than 120,000 clients to collectively avoid almost 7 million tons of CO2 emissions per year.
GFA as the Project Consultant is responsible for the Technical Assistance in the implementation of the GEFF in Uzbekistan project.