Shinhan Bank Kazakhstan joins EBRD’s Green Economy Financing Facility

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Shinhan Bank Kazakhstan (SBK) has joined the Green Economy Financing Facility (GEFF) of European Bank for Reconstruction and Development (EBRD), Trend reports citing the EBRD.

SBK, a fully owned subsidiary of Shinhan Bank Korea, will receive a senior loan of up to $5 million in KZT equivalent under GEFF designed to support domestic SMEs ready to invest in climate mitigation and adaptation technologies and services.

The financing will be supported by grant funding from the Global Environment Facility (GEF) and Austria. The GEFF is fully in line with the EBRD’s target of making half of its annual investment green by 2025 and compliant with the goals of the Paris Agreement by early 2023.

The GEFF program is part of the Bank’s Green Economy Transition (GET) approach. It operates through a network of more than 150 local financial institutions across 27 countries, supported by around €5 billion of EBRD finance. To date more than 200,000 GEFF investments have collectively helped avoid annual CO2 emissions of approximately 9 million tons.

The EBRD is a leading institutional investor in Kazakhstan. To date, the Bank has invested more than US$ 10.2 billion in Kazakhstan’s economy through 293 projects.

Source: TREND News Agency