(MENAFN- Trend News Agency) BAKU, Azerbaijan, February 24. The Board of the
European Bank for Reconstruction and Development (EBRD) approved
the allocation of $50 million to Kyrgyzstan, a source at the EBRD
told trend .
The funds are allocated within the 'Phase III of Kyrgyz
Sustainable Energy Finance Facility Program' (KyrSEFF).
The new program is aimed at introducing new inclusive financial
products, specifically sustainable energy products particularly
designed for female-owned enterprises in Kyrgyzstan.
The EBRD will channel assigned money to its partner-banks and
microfinance institutions in Kyrgyzstan. Among these institutions
are Kyrgyzstan's Kompanion Bank, Optima Bank, the First
MicroFinance Company, Bai-Tushum Bank, Kyrgyz Investment and Credit
Bank and DemirBank.
As the source noted, the money can be provided by the
aforementioned Kyrgyz banks to any companies that are ready to
invest into eligible projects under the program.
'Our partner financial institutions will work together with the
consultant under the programme to select projects for companies
that fall under the EU definition of small medium enterprises (i.e.
employ less than 250 people etc.),' the source said.
The KyrSEFF is the program for financing of sustainable energy
in Kyrgyzstan, created by the EBRD and supported by the European
Union. The first phase of the program was launched in Kyrgyzstan in
2013 and completed in 2016. The financing of the first stage
amounted to $20 million.
The second phase of KyrSEFF started in 2016 and completed in
2021, with a total funding portfolio of $35 million.
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