The European Bank for Reconstruction and Development (EBRD) is strengthening its involvement in the construction of Kambarata Hydropower Plant-1 (HPP-1), a key component of the European Union’s Global Gateway initiative. The announcement was made by EBRD Vice President Matteo Patrone.
According to him, the EBRD has signed memoranda of understanding with the Energy Ministers of Kazakhstan, Kyrgyzstan, and Uzbekistan. He emphasized that the participation of multilateral development banks is crucial for the successful implementation of such a large-scale project, with a total budget of nearly $6 billion.
Matteo Patrone added that the bank will consider providing three sovereign guaranteed loans of $500 million each to the three countries participating in this strategically important project.
«We plan to allocate funds to each participating state provided that a full technical assessment is completed by that time, and intergovernmental agreements are adopted that will allow the project to move forward,» he said.
