Friday 2 December 2016

Green projects in Kazakhstan get €200m funding

The EU has provided €200 million (£169.04m) of funding to support small sustainable projects in Kazakhstan.

The European Investment Bank (EIB) has signed two contracts to finance small and medium-sized businesses (SMEs) working to mitigate climate change and protect the environment.

By helping these small companies, the EIB will support the country in achieving its key policy objective of transitioning to a green economy.

The SMEs that will be able get access to the finance will be based across a variety of sectors including manufacturing, transport and agriculture.

They will spend the money on making their production more sustainable, introducing renewable energy generation, increasing resource efficiency and making infrastructure more climate resilient.

The bank has joined forces with a government institution called the JSC DAMU Entrepreneurship Development Fund (DAMU), which will be the distributor of the loans.

DAMU is closely aligned with Kazakhstan's finance sector and as a result is well positioned to channel the funding to where it will make the most significant contribution.