MONGOLIA HAS JOINED THE EU’S GREEN ECONOMY FACILITY FINANCING /GEFF/ PROGRAM
The GEFF program supports the country’s transition to a greener economy and supports households and businesses to increase access to green technologies with high standards of energy efficiency.
This program is extremely important in Mongolia, which has extreme weather and is vulnerable to the negative effects of climate change. To date, the GEFF program has provided 5.8 billion euros in financing to 220,000 clients through more than 170 financial institutions in 28 countries. These projects have reduced carbon emissions by 9 million tons per year, and Mongolia is one of the latest countries to join the GEFF program in Central Asia.
As part of the program, the European Bank for Reconstruction and Development will provide a total of 137 million US dollars through domestic financial institutions to citizens and enterprises willing to invest in innovative technologies that support efficient water use, sustainable land management, circular economy and resource efficiency. As of today, GEFF funds totaling 112 million US dollars have been provided to KhaN Bank, Khas Bank and KhasLeasing.
