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Monday, November 20, 2017

EBRD grants $4 million loan to Demir Kyrgyz for energy-efficient projects

The European Bank for Reconstruction and Development (EBRD) announced last week that it is extending a $4 million loan to the Demir Kyrgyz International Bank (DKIB) under the Kyrgyz Sustainable Energy Financing Facility (KyrSEFF) for use on energy efficient projects.

"We are very committed to energy efficiency and sustainable energy in the Kyrgyz Republic as well as other countries," EBRD First Vice President Phil Bennett said. "The EBRD has invested well over €13 billion, or US$ 17 billion, into sustainable energy projects throughout its region since 2006. In the Kyrgyz Republic, we are proud to work with DKIB, our long-time partner institution, on reducing energy consumption here to improve energy security."

General Manager of DKIB Sevki Sarilar said KyrSEFF is one of the banks most important products.

"KyrSEFF brings benefits not only for companies but also for individuals and households and of course the economy as a whole," Sarilar said. "As one of the largest banks in Kyrgyzstan, we are glad to offer our clients financing via KyrSEFF, and we hope to continue our cooperation."

DKIB, the third largest bank in the Kyrgyz Republic, has been cooperating with the EBRD, an equity shareholder, since 1997.

The KyrSEFF is one of the EBRD's tools for financing energy efficiency and small-scale renewable energy projects in the region. It offers credit lines and technical assistance to local banks to help them finance small-scale sustainable energy projects. KyrSEFF is supported by the EU's Investment Facility for Central Asia (IFCA).

Since the beginning of its operations in the Kyrgyz Republic, the EBRD has invested nearly $637 million in the country's economy through 112 projects supporting various sectors and industries.