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Tajikistan’s First MicroFinance Bank (FMFB) has become the latest financial institution in the country to join the EBRD’s Climate Resilience Financing Facility (CLIMADAPT), a programme designed to promote the private sector’s resilience to the effects of climate change.
The loan to the FMFB in Tajik somoni – worth US$ 1 million equivalent – will be co-funded in equal instalments by the EBRD and the Climate Investment Fund’s Pilot Programme for Climate Resilience (PPCR). The funding will be used to finance investments in climate resilience technologies such as PV solar panels, water and energy efficient boilers, drip irrigation system and zero-till equipment, in the commercial and residential sectors.
CLIMADAPT follows the model of the EBRD’s Green Economy Financing Facility (GEFF) that operates through a network of more than 130 local financial institutions across 24 countries supported by almost €4 billion of EBRD finance for 120,000 clients. These projects have led to annual CO2 emission reductions of over almost 7 million tonnes.
Read the full story here.