EBRD Provides €100 Million Loan To Kazakh Samruk-Energy
The European Bank for Reconstruction and Development (EBRD) is providing support to Kazakhstan’s national energy company, Samruk-Energy, as it embarks on an ambitious program of privatization in line with the strategy of its parent holding, the sovereign wealth fund Samruk-Kazyna, the bank reported.
The EBRD will lend Samruk-Energy the equivalent of up to €100 million, provided in tenge or roubles, which will be part of the company’s balance-sheet optimization. Samruk-Energy plans to privatize up to nine subsidiary firms. The company’s ultimate goal is to prepare itself for a public listing on an international stock exchange.
The EBRD will also support Samruk-Energy’s plan to provide more employment and career growth opportunities for women and young people. Improving education related to the power sector is part of the plan to promote youth inclusion in the sector.
Samruk-Energy and the EBRD have already cooperated on two landmark renewable energy projects, a wind farm in Yereymentau near the capital, Astana, and an upgrade of a hydropower station in Shardara. This work comes under the EBRD Green Economy Transition approach, which has many goals in common with Kazakhstan’s green economy strategy. Renewable energy is also an important part of Samruk-Energy’s upcoming transformation plan.
To date, the EBRD has invested over €7.1 billion (equivalent to over $7.6 billion) in various sectors of Kazakhstan’s economy.