Official negotiations on the Innovative Finance for Sustainable Energy Transition (iFIRST) project took place at the World Bank office in Bishkek, the Ministry of Energy of Kyrgyzstan reported.
During the negotiations, the parties discussed the project’s legal agreements, environmental and social obligations, financing mechanisms, financial management, and procurement issues.
«Kyrgyzstan is taking an important step in introducing new climate finance mechanisms. This project will facilitate the country’s transition to sustainable energy and integration into the carbon market. It is particularly noteworthy that this is only the second time this project has been implemented globally, and Kyrgyzstan is one of the first countries to implement it,» Hugh Riddell, World Bank Country Manager for the Kyrgyz Republic, said.
The project’s funding has been increased to $50 million. Of this amount, $35 million represents the core funding, and $15 million is provided as option funding.
