Maksat Ishenbaev: Kyrgyzstan needs to develop green economy

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On June 1, Maksat Ishenbaev, Chairman of the Bai-Tushum Bank Executive Committee, presented on subject «Financing Energy Efficient Projects» at the Bishkek International Financial Forum BIFF-2018. According to Maksat Ishenbaev, currently the sustainable economic and social development of any country is unthinkable without balanced engagement with the environment. The sustainable development concept contemplates the search for integrated solutions to problems equally considering economic, social and environmental factors.

«Nowadays, the development strategies in almost every developed and developing country ensure that the investment policies of public agencies and private investors provide for green economy investments, including the expansion of funding sources. In order to leave clean environment to our children and grandchildren, the state should have a clear understanding that the green economy principles should be introduced in the country’s strategic development programs. To increase the share of the green economy there is no particular need to reinvent the wheel. There is no need to follow China’s example, which having a focus on this issue plans to invest more than USD 460 billion by 2023. Individual countries choose their own way, taking into account the size of the economy, technology and financial opportunities. Some provide tax breaks, like in Italy, some subsidize interest rates, like in Finland and Turkey, some provide zero-interest financing — in the US and the UK, some set up a special fund like in Bangladesh etc. Kyrgyzstan can follow any of the above examples. Here the main thing is that there should be the understanding, desire and political will of policy makers — said Chairman of the Bai-Tushum Bank Executive Committee Maksat Ishenbaev.

Bai-Tushum Bank has been financing energy-efficient projects for more than 6 years, cooperating with such organizations as the KIVA Foundation, Kyrgyz Sustainable Energy Financing Facility (KyrSEFF and KyrSEFF +), developed by the European Bank for Reconstruction and Development, KFW Development Bank. As part of these programs, the bank financed energy-efficient projects for the total amount of USD 6.5 million. In addition, the bank’s sustainable energy financing program (KyrSEFF and KyrSEFF +) provided grants for the total amount of over USD 401,000.

«The short-term plans of Bai-Tushum Bank envisage the further financing of special green projects. These will be secondary processing of raw materials, development of drip irrigation financing, installation of solar panels and treatment facilities. We also consider it rather promising to finance the purchase of special equipment for cars, which allows reducing emissions», — added Chairman of the Bai-Tushum Bank Executive Committee Maksat Ishenbaev.

In the annual business forum organized by the Union of Kyrgyz Banks in conjunction with the National Bank of the Kyrgyz Republic, participants discuss vital issues in the financial and credit sphere. The experts from local and foreign banks, as well as microfinance organizations, mobile operators, representatives of insurance and financial companies, suppliers of banking equipment and IT solutions, representatives of state bodies, independent experts, analysts and the business community gather annually for the event.