EBRD to lend Kazakhstan $ 75 mm for energy efficiency

Dec 10, 2008 01:00 AM

The European Bank for Reconstruction and Development (EBRD) said it will lend $ 75 mm to help Kazakh companies use energy more efficiently.
The loans will be provided through local Kazakh banks, which face repayments of $ 10.6 bn in foreign debt in 2009 and have found it difficult to find funding for new lending. The Kazakh government is injecting $ 4 bn in new capital into major Kazakh banks.

"The framework represents a... bold move... which will benefit local banks as well as local producers and, eventually, consumers," said Olivier Descamps, the EBRD's business group director for central Asia. "It comes especially timely when it will also serve as a welcome stimulus to lending activities of banks in Kazakhstan."
The first loans totalling $ 10 mm will be made through Bank Centre Credit, the sixth largest bank in Kazakhstan.

According to the government, Kazakhstan uses 10 times as much energy to produce a percentage point of gross domestic product than developed economies. An averageof 15 % of the electricity generated in Kazakhstan is lost before it reaches consumers due to the widespread deterioration of the country's power infrastructure.
The government estimates that the equivalent of more than 60 mm tons of coals annually could be saved through higher energy efficiency.

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