Janerke Satarhanova, an entrepreneur from Langer, Turkestan region, was one of the first clients who received a loan under the GEFF program in Kazakhstan. She purchased a Bosch boiler for 230,000 tenge, which became the backbone of her grocery store’s heating system. 10 per cent of the invested amount returned to Janerke as incentives under the GEFF program.
She was previously involved in animal husbandry. After the change of activity, she continued successful cooperation with the KMF financial organization, the EBRD partner of the GEFF program in Kazakhstan, and has been using an opportunity of profitable purchase of high-quality and energy-efficient equipment.” I have carefully chosen the boiler’s model according to appropriate characteristics and the area of my store. From submission of an application to the purchase of a boiler and the payment of incentives, all procedure took three weeks”, said the businesswoman. Further, she plans to buy refrigerators for her store under the GEFF program.
To receive incentives under the Green Economy Financing Program in Kazakhstan it is necessary to buy energy-efficient equipment from the Green Technology Selector on credit from MFO «KMF», modernize the housing or business, apply for verification of the targeted use of funds.
Green Technology Selector is an electronic catalogue of Kazakhstan and foreign technologies.
After successful verification, 10% or 15% of the loan or investment in energy-efficient modernization would be compensated. Incentive is calculated from the lower amount. At the time of verification, the credit should not be repaid. Incentives are paid every month for all applications which are successfully verified and confirmed in the previous month.
Funds for incentive payment were provided by the Global Environment Facility (GEF). The Federal Ministry of the Finance Republic of Austria is funding technical assistance under the GEFF program and developing 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 145 financial institutions in 27 countries where EBRD works. Currently, EBRD’s total investment in the GEFF Program has reached €4.6 billion, benefiting 190,000 clients. The projects implemented have reduced CO2 emissions by more than 8.6 million tons annually.
To date, the EBRD implemented 276 projects and invested into the economy of the Republic of Kazakhstan of almost 8.6 billion euro
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