OREANDA-NEWS. April 30, 2013. Kyrgyz Investment and Credit Bank (KICB) signed a USD 3 million credit line agreement with the European Bank of Reconstruction and Development (EBRD) for supporting sustainable energy efficiency projects for private households and commercial sector, as a part of EBRD Kyrgyz Sustainable Energy Financing Facility (KyrSEFF).

The KyrSEFF will be totaling USD 20 million credits and will be complemented by donor funding of the EU Central Asia Investment Facility (IFCA).

KICB is one of the first private financing institutions to join the KyrSEFF that will enable the bank to provide long-term funding to clients implementing long-term residential or commercial energy saving projects.

“Partnering the implementation of KyrSEFF in Kyrgyzstan, we will help our clients in reduction of their energy expenses and receiving an investment incentive upon project completion, – said Kwang-Young Choi, CEO of KICB. – Households installing energy efficient windows, making insulation of walls, roofs and floors, using solar system, heating pump systems, efficient boilers or undertaking other energy saving measures, will be entitled to receive up to 35 per cent grants of the loan amount. Companies subjects to KyrSEFF conditions can get a grant up to 20 per cent”.

“Working with the Kyrgyz financial institutions on energy efficiency projects is a high priority for the EBRD. We hope that through our partners we can reach many Kyrgyz businesses and households that wish to invest in energy efficient equipment or insulation” , - said Mike Taylor, EBRD Director for Financial Institutions, Central Asia, Caucasus and Mongolia.

Chantal Hebberecht, EU Ambassador to the Kyrgyz Republic describes: “With KyrSEFF we support companies and households in the Kyrgyz Republic by sharing European experience in the field of sustainable living and the most efficient use of energy resources. We are glad that the government of the Kyrgyz Republic and the EBRD are providing us with this opportunity to support residents to improve their homes and businesses in their efforts in upgrading their quality output whilst saving energy.”