World Bank Funding for Energy Efficiency in Uzbekistan

Funding to improve industrial sector energy efficiency in Uzbekistan worth $100 million is being provided by the World Bank.

Saroj Kumar Jha, the World Bank Regional Country Director for Central Asia and the Government of Uzbekistan signed the line of credit for additional financing to the Energy Efficiency Facility for Industrial Enterprises Project (UZEEF) for the Republic of Uzbekistan.  The project is helping improve energy efficiency, reducing power and fuel usage, and greenhouse gas emissions. The additional credit will co-finance energy efficiency sub-projects in industrial enterprises and ensure the transfer of state-of-the-art technologies.

Uzbekistan is one of the most energy intensive countries in Eastern Europe and Central Asia, and is a large carbon dioxide emitter. Reducing energy consumption and conserving energy are top economic priorities of the government.

“The potential for energy savings through implementation of energy efficiency measures in industrial enterprises in Uzbekistan is large,” said Takuya Kamata, World Bank Country Manager for Uzbekistan. “The use of financial intermediaries to promote energy efficiency investments is an approach which has been successfully applied by the World Bank in other countries, including in the original UZEEF project in Uzbekistan. The project initiated the development of a new business line by local Uzbek banks targeting energy efficiency investments.”

Two state-owned banks (Asaka Bank and Uzpromstroybank) and a private bank (Hamkorbank) are the financial intermediaries for the project.

Picture of Tachkent Atilin at the French language Wikipedia [GFDL or CC-BY-SA-3.0], from Wikimedia Commons

Wednesday 24th July 2013

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