Small businesses in Uzbekistan will be able to invest in energy efficiency and renewable energy measures thanks to access to a pilot Green Economy Financing Facility (GEFF) that was signed today with Ipak Yuli Bank.
The facility will provide small and medium-sized enterprises (SMEs) and corporates with loans for investments in green technologies that reduce greenhouse gas emissions, as well as climate adaptation and mitigation technologies.
Ipak Yuli Bank signed up as the first local partner, receiving a €4.4 million EBRD credit line for on-lending to private companies. Loans will cover investments in green technologies, such as thermal insulation, photovoltaic solar panels, geothermal heat pumps and water efficient irrigation systems. Businesses can identify typical green technologies through the GEFF Technology Selector.
The official signing of the loan agreement between the EBRD and Ipak Yuli Bank has brought together various stakeholders, including state officials, international donor and financial institutions, local financial institutions, suppliers and producers of green technologies and businesses.
The EBRD was represented by its Head of Uzbekistan, Alkis Vryenios Drakinos, who commented: “Improving access to green finance and developing the financial sector is one of our key priorities in Uzbekistan. We are pleased to work with Ipak Yuli Bank to support SMEs and corporates aiming to become more energy efficient.”
GEFF aims to expand further to more participating financial institutions, supporting the country’s transition to the green economy.
To date, the EBRD has invested €1.3 billion through 70 projects in the economy of Uzbekistan.