“Clean Energy for Buildings in Uzbekistan” project will be implemented with the support of a soft loan by the World Bank in the amount of 143 million USD.
In fulfillment of the order of the President of the Republic of Uzbekistan about fundamental improvement of energy efficiency of Uzbek economy, the Ministry of Investment and Foreign Trade, Ministry of Energy of the Republic of Uzbekistan and Inter-Agency Energy Saving Fund developed the “Clean energy for buildings in Uzbekistan” project financed by World Bank preferential credit in amount of USD 143 million.
To implement the project, the International Development Association (IDA), a member of the World Bank Group, provides the Government of Uzbekistan with soft financing mechanism at a low interest rate, with a repayment term of 30 years, including a five-year grace period.
On May 24-25 of this year the negotiations between Uzbekistan and the IDA were carried out. The Uzbek delegation was headed by the First Deputy Minister of Energy Mr. Azim Akhmedkhadjaev and the IDA delegation was headed by the World Bank Country Manager Mr. Marco Mantovanelli.
Taking into account the leading regional position of Uzbekistan in the field of mobilizing the potential of renewable energy sources, an active support of the international community in efforts to combat climate change, as well as the ambitious goals to improve energy efficiency, the World Bank Board of Executive Directors unanimously supported the project and approved a long-term loan from the preferential resources of the International Development Association for its implementation.
This project is expected to play a key role in creating market incentives to attract investments into energy saving and improve energy efficiency in the Republic of Uzbekistan.
The project will cover all regions of our country. It is planned to modernize more than 800 institutions of preschool, public education and health.
The key result of the project will be the improvement of energy efficiency of public buildings, as well as the improvement of the legal framework regulating the procedures for attracting investment in projects that promote energy saving and clean energy production.
Press Service of the Ministry of Energy of the Republic of Uzbekistan