The EDB (Eurasian Development Bank) has decided to invest USD 600 million in the renewable energy projects during the next three years.
The announcement was by Albrecht Conrad, Head of the EDB Directorate of Sustainable Development, at the UNECE Regional Forum on Sustainable Development in Geneva, says a press release of EDB.
Conrad said, “With its unique understanding of the region’s industry and regulatory dynamics, first-hand connections to institutional and business leaders, on-the-ground experience, and proven track record, the Bank can play a crucial role in guiding and managing the development of new regional energy projects in Eurasia, helping to attract greater capital flows and promoting the transition to a greener economy.”
According to Albrecht Conrad, regional development banks can provide a critical mass of technical assistance and expertise, as well as expedite financing for projects that would not have caught the eye of major financial actors. He added that regional development banks have a comparative advantage in making small and medium-sized energy projects more appealing and then implementing them, the press release says.
The Bank is running the Central Asian Water and Energy Complex mega-project based on research and projections of the most effective ways to comprehensively develop the sector. Bank analysts have already conducted studies such as Investment in the Water and Energy Complex of Central Asia and Regulation of the Water and Energy Complex of Central Asia, it adds. /// nCa, 11 April 2023