Kazakhstan : EBRD to use GCF funds to support Kazakhstan Renewables Framework
The European Bank for Reconstruction and Development (EBRD) has announced that it has been offered funds of around $110 million by the Green Climate Fund (GCF), a global fund financed by 194 governments that supports investments in low-emission and climate-resilient development of emerging countries.
The EBRD said it will use the funds to support its Kazakhstan Renewables Framework, which would raise investments to the tune of $200 million.
The bank added that the GCF contribution, includes $106 million in concessional finance and $4 million in technical assistance grants.
EBRD director for Russia, Central Asia and Caucasus Aida Sitdikova said, The framework builds on eight years of policy and investment work in Kazakhstan. lt makes a profound contribution to the scaling up of renewable energy in the country, combined with a strong focus on gender and inclusion and a drive to lay the regulatory foundations for a sustainable renewable energy market.
The EBRD had earlier agreed to jointly fund a project to build a 50 MW solar park in Kazakhstan with a loan of up to $28 million on June 22. A week before, the bank also said it had offered a $44.5 million loan for another 50 MW solar facility in Kazakhstan in partnership with CTF, which will contribute $10 million.