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    Finance Kyrgyzstan

    Kyrgyzstan secures $80.2 mn loan to accelerate renewable energy initiatives

    Kyrgyzstan secures $80.2 mn loan to accelerate renewable energy initiatives

    Kyrgyzstan's Ministry of Energy took a notable step towards advancing renewable energy in the country by securing an $80.2 mn loan. The Committee on Budget, Economic, and Fiscal Policy of the Parliament considered and approved the relevant bill in the first reading, marking a pivotal moment for the country's energy sector.

    Photo: Kyrgyzstan secures $80.2 mn loan to accelerate renewable energy initiatives 
    Source: Freepik
    Deputy Energy Minister Talaibek Baigaziev outlined that the "Development of Renewable Energy in the Kyrgyz Republic" project, involves securing $80.2 mn from various sources. This includes a $67.7 mn loan from the International Development Association (IDA), a $10 mn loan from the Green Climate Fund (GCF), and a $2.5 mn grant from the GCF.

    The project aims to rehabilitate existing hydroelectric plants and construct new ones, with $43.2 mn allocated for this purpose. Additionally, funds will be utilized for the development, modernization, and strengthening of related infrastructure, totalling $36.5 mn. A budget of $1.5 mn has also been earmarked for institutional strengthening and support during the project's implementation.

    Earlier, Daryo reported that Saudi Arabia emerged as Uzbekistan’s top energy investor with joint projects surpassing $30 bn since 2020.

     

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    15.05.2024, 09:30   Comments (0)   1082
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