The EDB to invest US $600 million in renewable energy in the next three years
Almaty, 10 April 2023. The Eurasian Development Bank (EDB) plans to invest US $600 million in renewable energy projects over the next three years. Albrecht Conrad, Head of the EDB Directorate of Sustainable Development, said this at the UNECE Regional Forum on Sustainable Development in Geneva.
“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,” he emphasised.
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 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.
The UNECE Regional Forum on Sustainable Development brings together representatives of UNECE member governments, international organisations, civil society, the private sector, and academia to exchange ideas and knowledge on sustaining and accelerating progress towards the SDGs (Sustainable Development Goals).
Additional Information:
The Eurasian Development Bank (EDB) is an international financial institution promoting integration and development in its member countries. For more than 17 years, the Bank has worked to strengthen and expand economic ties and foster comprehensive development in its member countries – Armenia, Belarus, Kazakhstan, the Kyrgyz Republic, Russia and Tajikistan. The EDB's charter capital totals US $7 billion. Its portfolio consists principally of projects with an integration effect in transport infrastructure, digital systems, green energy, agriculture, manufacturing, and mechanical engineering. The Bank’s operations are guided by the UN Sustainable Development Goals and ESG principles.