The World Bank is providing funding worth $100 million (£65m) for the Republic of Uzbekistan to improve energy efficiency in its industrial sector.
Uzbekistan is said to be one of the most energy intensive countries in Eastern Europe and Central Asia and a large carbon dioxide emitter and the World Bank aims to help the nation reduce power, fuel usage and greenhouse gas emissions.
The Energy Efficiency Facility for Industrial Enterprises Project (UZEEF) will use the cash to finance projects with around 200,000MWh of energy saving potential. The energy efficiency improvements will include updating outdated machinery and equipment in industrial firms.
Takuya Kamata, World Bank Country Manager for Uzbekistan said: “The potential for energy savings through implementation of energy efficiency measures in industrial enterprises in Uzbekistan is large. The use of financial intermediaries to promote energy efficiency investments is an approach which has been successfully applied by the World Bank in other countries, including in the original UZEEF project in Uzbekistan.”