ASTANA, Kazakhstan, August 9. The European Bank for Reconstruction and Development (EBRD) will provide a 3-year senior loan of up to $20 million (18.3 million euros) in Kazakh tenge equivalent to Shinhan Bank Kazakhstan (SBK) under the EBRD Green Economy Financing Facility Kazakhstan II (GEFF II), Trend reports.
The provision of the financing will be used for on-lending to eligible private sector sub-borrowers in Kazakhstan for Green Economy Transition (GET) investments in a gender-responsive way. The loan will be fully guaranteed by SBK's parent, Shinhan Bank Co. Ltd., South Korea.
Thus, the project will allow SBK to support local currency lending to eligible private sector sub-borrowers for investments in climate change mitigation and adaptation technologies in a gender-responsive way.
The project will aim to scale up FI-intermediated gender-responsive green lending in Kazakhstan and further improve SBK's skills in identifying and assessing a wide range of green investment opportunities.
To date, the EBRD has invested 10.2 billion euros in 324 projects in Kazakhstan, with most of those funds supporting private entrepreneurship.