Dildora Rustemova is an entrepreneur from the city of Shymkent who purchased a new energy efficient refrigerator for her eatery. For more than a decade, she has been feeding visitors of the auto parts market in her canteen. Her first loan from MFO “KMF” that the lady took about a year ago was spent for the purchase of products for the canteen business. For several months, Dildora had been planning to replace the refrigerator and was looking for an opportunity how to do it, since there were not enough own funds. Dildora says: “When I learnt that MFO “KMF” provides micro loans under green financing program GEFF, I decided to take advantage of this opportunity and purchased a refrigerator Dauscher worth 220 thousand KZT.
The energy efficiency class of this refrigerator is the highest A +++. The benefit from purchasing energy-efficient equipment is to save at least 20% of electricity during the lifetime of the equipment compared to a conventional non-energy-efficient analogue, as well as to reduce expenses on energy.
Under the terms of the program, Dildora also received cashback in the form of 10% of the cost of the refrigerator. “I am very grateful to MFO “KMF” for such an opportunity” – says Dildora – “I managed to upgrade the refrigerator to a modern one, which not only saves energy, but is also very convenient and ergonomic.”
To receive incentives under GEFF (Green Economy Financing Facility) in Kazakhstan, it is necessary to:
Green Technology Selector is an electronic catalogue 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 previous month.
Compensation funds were provided by the Global Environment Facility (GEF). In addition, the Austrian Federal Ministry of Finance is funding technical assistance through the GEFF and the compilation 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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