Koktem secures €12.7m European Bank loan for waste-to-energy plant in Kazakhstan
Kazakh state-owned waste management company Koktem has secured a €12.7m loan from the European Bank for Reconstruction and Development for the construction of a new waste-to-energy facility in the city of Aktau.
The proposed plant in western Kazakhstan will enable the generation of green electricity and reduce deposits of waste that end up as landfill.
Co-financed by the Clean Technology Fund, which is offering an $8m loan, the facility will also be supported by a capital grant from the state's budget.
Commenting on the facility EBRD Kazakhstan director Janet Heckman remarked that the country will now modernise the Soviet-built infrastructure to produce energy from waste.
"Kazakhstan wants to start thinking green. The country inherited crumbling, inefficient Soviet-built infrastructure, and it will take a big effort to modernise it. However projects like these - where a city in the oil-rich Mangystau region is striving to produce energy from waste and builds modern, innovative facilities - are a sign that the dream of a green economy is taking hold in the regions, not just in the capital," said Heckman.
The facility also received €300,000 from the Korean Donor Fund in addition to €800,000 from EBRD Shareholder Special Fund to execute project management, design, engineering, training, operational improvements and other associated spendings.