GrCF3 W1 - Bishkek District Heating Networks

approved

The provision of a sovereign loan of up to EUR 17.225 million to the Kyrgyz Republic (KR) in two tranches (both to be committed at signing) of up to EUR 16.750 million and EUR 0.475 million (the "EBRD Loan"). The funds to be on-lent to the Bishkek city (the "City") for the benefit of Bishkekteploset (BTS), a municipal district heating company wholly owned by the City administration to modernise the district heating (DH) infrastructure in Bishkek (the "Project"). The Project will be co-financed by a concessional loan of up to EUR 16.75 million from the Green Climate Fund (the "GCF Loan") under the GCF Green Cities Facility, as well as by an investment grant of up to EUR 6.5 million from an international donor or the EBRD's Shareholder Special Fund (SSF). The investment grant will be provided in two tranches of EUR 5.0 million (to be committed at signing) and EUR 1.5 million (uncommitted). The EBRD Loan and the GCF Loan will have a tenor of 18 years, including a 4-year grace period under the EBRD Loan and a 6-year grace period under the GCF Loan. Tranche I EBRD Loan and GCF Loan will be disbursed pro-rata.