Firuza Isatayeva owns a small grocery store in the village of Khanaryk in the Tolebi district of the Turkestan region of Kazakhstan. She has been in business for over 10 years. Firuza uses regularly loans from MFO “KMF”, the client’s credit history is more than 7 years. Firuza says: “Thanks to many years of cooperation with MFO “KMF”, I have increased the turnover of my business. This time I needed a refrigerator for my grocery store. I was advised to take a green microloan since it turned out to be the most suitable and profitable for my business, 10% cashback seemed very appealing to me. Within one week we chose an LG refrigerator and installed it in the store. In three weeks I got a cashback 10% of the cost of the refrigerator, which I was very pleased with”.
To receive incentives under GEFF (Green Economy Financing Facility) in Kazakhstan, it is necessary to:
Green Technology Selector is an electronic catalog of Kazakh and foreign technologies.
After successful verification, 10% or 15% of the loan or investment in energy-efficient modernization could be compensated. The compensation is calculated from the lower amount. Compensations are paid every month for all applications which were successfully verified and confirmed in the previous month.
Funds for incentive payments (compensations) were provided by the Global Environment Facility (GEF). The Federal Ministry of the Finance Republic of Austria is funding technical assistance under the GEFF and the initial populating of the Green Technology Selector.
GEFF program is part of The Green Economy Transition (GET) the EBRD’s recently announced new approach to unveil an ambitious plan to scale up even further its climate and environmental finance and to increase green financing to more than 50 per cent of its annual business volume by 2025, with particular attention to gender considerations.
The GEFF program operates through a network of more than 155 financial institutions in 27 countries where EBRD works. Currently, EBRD’s total investment in the GEFF Program has reached € 5 billion, benefiting 202,000 clients. The projects implemented have reduced CO2 emissions by more than 9 million tons annually.
To date, the EBRD implemented 276 projects and invested into the economy of the Republic of Kazakhstan almost 8.6 billion euro.
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