EBRD Managing Director for Central Asia Zsuzsanna Hargitai reported on her LinkedIn page that: “The EBRD invested more than €1.2 billion (US$ 1.3 billion) in projects across Central Asia in 2023 to stimulate the region’s sustainable and inclusive growth, which is expected to continue at a pace of 5.9 per cent in 2024.
Last year the Bank financed more than 100 projects in sectors including renewable energy, small and medium-sized enterprise (SME) development, and sustainable infrastructure. More than 70 per cent of those projects were in the private sector and almost 60 per cent of investments were green. Collectively, these projects will mean that the region’s annual CO2 emissions are reduced by 1.87 million tonnes.
Uzbekistan remained the leading recipient of EBRD funding in the region for the fourth year running, by attracting more than €700 million (US$ 760 million). The remaining €518 million (US$ 560 million) were channelled to support projects in Kazakhstan, the Kyrgyz Republic, Mongolia and Tajikistan.
The EBRD continued rolling out its flagship programmes such as its Green Economy Financing Facilities (GEFFs), which are designed to develop green and innovative solutions, and its Green Cities programme, which tackles environmental challenges and encourages investment in municipal infrastructure. The Bank also addressed the issue of youth entrepreneurship and employment in Central Asia by launching a seven-year Youth in Business programme.”
In Uzbekistan, the EBRD continued investing in renewable energy power generation and low-carbon technologies. It financed the construction of three greenfield solar power plants with total installed capacity of nearly 900 MW. The power plants were developed by Masdar, a global renewable and clean energy company. The Bank provided funds to ACWA Power Wind Karatau to finance the construction of a 100 MW wind power plant in the autonomous republic of Karakalpakstan. It also provided a sovereign loan to modernise 118 pumping stations and improve the sustainability of water supply for irrigation in the densely populated Fergana Valley. Samarkand became the first city in the country to join the EBRD Green Cities programme, and is planning to deploy ecologically friendly electric buses as part of this engagement. In the financial sector, the Bank continued working with local financial intermediaries such as SQB, Hamkorbank and Ipoteka Bank to support SMEs and promote green lending.
Source: The EBRD