Uzpromstroybank supports green economy in Uzbekistan
Tashkent, Uzbekistan (UzDaily.com) -- On 4 March, Uzpromstroybank organized a press tour to enterprises in the city of Tashkent in order to familiarize media workers (media) with projects launched on the basis of the "green" financing mechanism.
According to the decree of the President of the country from 4 October 2019 on the approval of the Strategy for the transition to a "green" economy of the Republic of Uzbekistan in the period 2019-2030, the government’s strategy for these years has been developed.
It defines the issues of supporting "green" investments, in particular, "green" lending, activation of the private sector in financing projects for the transition to a "green" economy, as well as stimulating the banking system to "green" investments.
In the system of Uzpromstroybank, together with the World Bank, lending operations are carried out on the basis of this mechanism. In the transformation program developed by the Bank by 2018 with the assistance of consultants from the International Finance Corporation and the European Bank for Reconstruction and Development, a special place is given to "Green banking".
So far, the bank has financed 20 green projects in three stages for a total of US$91 million.
In particular, at the V.L. Galperin Tashkent Pipe Plant, a project is being implemented to produce pipes of various diameters, heat pipelines (reinforcement), fixers, electrodes and other products.
As part of the press tour, media representatives were familiarized with the production capacity of the plant, aspects of the "green" project.
As noted, the facility is equipped with energy-saving technologies, provided with the necessary raw materials base. The production capacity is the delivery of 350 thousand tons of metal products from steel per year.
It should be emphasized that "green" financing develops financial mechanisms, technologically modernizes the real sector of the economy. As a result, the energy efficiency of the economy will increase, and the rational use of natural resources will be achieved.
Due to such projects financed by the bank so far in such industries as metallurgy, oil and gas, chemical, energy and others, 268,975 MW of electricity and 107,080 m3 of natural gas have been saved.
The development of the "Green banking" system is even more active in the process of the Bank’s transformation. The work carried out in this direction is highly appreciated by large financial institutions and corporations of the world, and the offer of additional resources for financing is of particular importance.
During the press tour, the next addressee of the journalists was the Pergament quality exclusive enterprise. Here, the guests watched the work of the second line of the enterprise for the production of non-woven vinyl wallpaper, and received detailed information about this process.
At the first stage of the project, the enterprise had a production capacity of 2 million 640 thousand rolls of wallpaper per year, now this figure has doubled. For this purpose, the Bank allocated a loan equivalent to 3,825,000 euros at the expense of the credit line of the International Bank for Reconstruction and Development.
In general, "green" financing is a product of scientific and practical research aimed at solving urgent environmental problems of the planet. At the same time, the production and implementation of advanced technologies in the field of alternative energy is of particular importance.
Therefore, in the system of Uzpromstroybank, this mechanism is adopted as one of the priority directions. The institution plans to bring this method of lending in the near future to 70-80 percent.