BISHKEK, Kyrgyzstan, June 18. The European Bank for Reconstruction and Development (EBRD) and the Ministry of Energy of Kyrgyzstan have signed a memorandum of understanding, TurkicWorld reports.
According to the EBRD, this agreement sets the stage for a 100 million euro project to fund the construction of a 500 kV transmission line between Kemin and Balykchy, and a 500 kV substation in Balykchy, Issyk-Kul region.
This investment aims to enable the integration of up to 1 GW of renewable energy sources into the grid.
Today, the EBRD also announced a pledge to provide a financing package of up to 14 million euros to improve the efficiency of electricity supply in Kyrgyzstan. The funds will be provided to the government and then lent to the state-owned National Electric Grid of Kyrgyzstan company. This financing program is supported by the government of Japan through the Japan-EBRD Cooperation Fund.
As of February 29, 2024, the loan portfolio of the EBRD's projects in Kyrgyzstan was estimated at 232 million euros, covering 81 active projects. The bank has invested a 970 million euros in a total of 242 projects in Kyrgyzstan, as of the reporting date.
