We have also responded to calls for multilateral development banks to engage in the financing of clean energy projects in a more substantive and coordinated way, through participation in multi-donor funds, such as the Climate Investment Funds (CIF) and the Global Environment Facility (GEF). These funds seek to leverage global climate finance through information sharing, technology transfer, advisory support and concessional financing.
We blended our commercial financing with CIF grant co-financing and technical assistance to increase the affordability and accelerate the implementation of projects, such as the modernisation of the district heating network of CAEPCO, Kazakhstan’s largest private heating and power company. As part of our work on climate change adaptation we provided a €2 million loan to the municipal authority in Talas, in the Kyrgyz Republic, to upgrade its water supply and make it more resilient to climate change. This project benefited from a further €3 million of grant and co-financing from other multilateral and multi-donor funds.
Partnerships with donors and multilateral funds helped us to expand our industrial energy efficiency core business, and to develop innovative new projects. In cooperation with the GEF and the EBRD SEMED Shareholder Special Fund, we established the Finance and Technology Transfer Centre for Climate Change (FINTECC). This centre helps our clients in the SEMED region and early transition countries to introduce innovative technologies to reduce greenhouse gas emissions and water consumption.