Kompanion Bank joined EBRD’s Kyrgyzstan Sustainable Energy Financing Facility (KyrSEFF+). The credit line agreement for USD 1.5 MM was signed on December 19, 2016.

EBRD has been Kompanion Bank’s significant partner since 2007. Seven agreements totaling USD 26 MM have been signed between the institutions so far.

“This agreement means a new phase of cooperation between Kompanion Bank and EBRD. Participation in this program opens new opportunities for our clients to finance projects aimed at improving energy efficiency of houses and commercial buildings, as well as promotes efficient use of energy resources,” noted Ulanbek Termechikov, CEO of Kompanion Bank CJSC.

Nurzat Abdyrasulova, National Manager of KyrSEFF+, noted:

“We are glad to welcome Kompanion Bank as a new partner of KyrSEFF+ program. With the launch of the expanded KyrSEFF+ program with the loan portfolio of USD 35 MM we want to ensure that KyrSEFF+ projects will cover as many people living in remote regions of Kyrgyzstan as possible. Because of their geographic location, many of our nationals remain under-informed about opportunities to invest in efficient use of power and resources. I believe that cooperation with Kompanion Bank that has branches throughout the country will facilitate increase of green initiatives implemented under KyrSEFF+.”

Through KyrSEFF+, Kompanion Bank will start lending of projects for energy efficiency, resource conservation and renewable power sources in houses and commercial organizations. Bank’s clients will be able to receive not only financing but also free-of-charge technical assistance in energy saving and selection of appropriate equipment.

It is worth noting that in the second phase of the program grant component is also assured from Investment Fund of Central Asia, the European Union (ECIFCA). For those interested in the insulation of its own housing, grant amount of up to 20% of the total amount of lending provided for individuals; 25 to 35% of the total loan provided for group lenders and condominiums; from 10 to 15% for businesses.

Disbursement of the loan funds under the program will begin in the spring of 2017.

About Bank

Established in 2004, Kompanion passed all stages of institutional development and today it is a sustainable Bank with assets of KGS 6.5 billion and equity of KGS 1 billion and 600 thousand. From the day of its establishment, Bank has significantly expanded its presence in Kyrgyzstan’s market. As of November 30, 2016, Kompanion Bank had 109 outlets throughout the country, 96 000 clients, and more than 1,000 employees. Shareholders of the bank are International NGO Mercy Corps, Netherlands Development Bank (FMO) and European Investment Fund Triodos Investment Management.

About KyrSEFF+

The Kyrgyz Sustainable Energy Financing Facility (KyrSEFF+) is financing for improvement of energy efficiency, sustainable water systems, garbage utilization of residential buildings and industrial enterprises in Kyrgyz Republic. KyrSEFF+ model was developed by the European Bank for Reconstruction and Development (EBRD) and has available financing of 55 million USD. Clients of the program receive grant from 10 to 35 % of total loan from Central Asia Investment Fund of European Union (ECIFCA) for successful implementation of energy and eco sufficient activities. KyrSEFF+ is available throughout the Kyrgyz Republic with assistance of local partner banks. More information on www.kyrseff.kg.