(IN BRIEF) The European Bank for Reconstruction and Development (EBRD) has invested KZT 6 billion (€13 million) in a local currency bond issued by Kazakhstan’s transmission system operator, KEGOC. The investment will support KEGOC’s first floating TONIA-linked local currency bond, which will help rehabilitate its overhead transmission lines in the Aktobe, Western, and Sarbay networks, reducing transmission losses in the grid and accommodating large-scale renewable energy integration measures planned as part of Kazakhstan’s decarbonisation strategy. The Climate Investment Funds will provide technical assistance to help KEGOC integrate renewable energy into the national power system, and KEGOC plans to develop a new training program to provide students with digital skills in the power sector. Kazakhstan is the recipient of EBRD’s largest and longest-running banking operation in Central Asia, with over €10 billion invested to date through 304 projects.
(PRESS RELEASE) LONDON, 3-Apr-2023 — /EuropaWire/ — The European Bank for Reconstruction and Development (EBRD), is investing in a local currency bond issued by Kazakhstan‘s transmission system operator, KEGOC, to help make the country’s electrical grid more sustainable and reliable.
The EBRD’s KZT 6 billion (€13 million) contribution will support KEGOC’s first floating TONIA-linked local currency bond, which will be listed on the Kazakhstan Stock Exchange (KASE). The investment will aid KEGOC in rehabilitating its overhead transmission lines in the Aktobe, Western, and Sarbay networks, ultimately reducing transmission losses in the grid and accommodating large-scale renewable energy integration measures planned as part of Kazakhstan’s decarbonisation strategy.
The Climate Investment Funds will provide technical assistance to help KEGOC integrate the growing share of renewable energy into the national power system. KEGOC will also develop a new training program as part of the project that will equip students with digital skills in the power sector, providing young people with access to market-relevant skills and employment opportunities.
KASE, the National Bank of Kazakhstan, the EBRD, and the country’s leading financial institutions developed the Tenge Overnight Index Average rate (TONIA). This benchmark for local currency lending instruments is used by local investors when issuing bonds.
Kazakhstan benefits from the EBRD’s largest and longest-running banking operation in Central Asia, with over €10 billion invested in the country to date through 304 projects.
Media contact:
Tel: +44 207 338 7805
Email: press@ebrd.com
SOURCE: EBRD
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