The Kyrgyz Investment and Credit Bank (KICB) and the European Bank for Reconstruction and Development (EBRD) signed agreement for 5 million US dollars under the Kyrgyzstan Sustainable Energy Financing Facility (KyrSEFF).

KICB received funds in amount of USD 3 million, part of which was provided in in local currency equivalent, under the 1st KyrSEFF credit line in 2013 and the facility was successfully utilized during 2013. Following its success and thanks to strong demand from the borrowers, KICB applied to EBRD to obtain new facility under the KyrSEFF. Introduced in 2011 KICB loan product “Warm House”, which became very popular among bank customers was supplemented by the “Warm House +” and “Energy Saver” products developed based on the KyrSEFF facility. “Warm House +” and “Energy Saver” products provide subsidized credit for financing energy efficiency projects for private households and for residential and commercial buildings. The clients of KICB, implementing projects in accordance with the terms of the program, have the possibility on obtaining the grant from 10% to 20% of the loan amount, as well as obtaining free-of-charge technical assistance as consultations with the international and local engineers of the KyrSEFF team.

“This is the second credit facility under the KyrSEFF programme, which demonstrates commitment of KICB to promote energy efficiency initiatives in Kyrgyzstan”, said Mr. Kwang Young Choi, CEO of KICB. He also added that “being one of the leading banks in the Kyrgyz Republic, KICB aims to promote banking products essential for sustainable energy efficiency resulting in lower energy consumption, switching to renewable energy resources and reduced energy production and consumption costs”.

The agreement of 5 million US dollars with EBRD will enable KICB to continue implementation of the programme on providing loans and grants to the clients of KICB for improvements of energy efficiency of buildings, commercial property and energy infrastructure.