AKIPRESS.COM - The Green Climate Fund (GCF) has approved an allocation of up to US$ 110 million to the EBRD’s Kazakhstan Renewables Framework, an innovative plan to finance the construction and operation of renewable energy projects in the Central Asian country.

The framework was approved by the EBRD Board of Directors in December 2016 for a total volume of € 200 million. It will support investments in solar, wind, small hydropower and biogas energy sources and the modernisation and strengthening of the electricity grid in order to enhance the integration of renewable energy sources, EBRD said in a statement.

The GCF contribution comprises US$ 106 million in concessional finance and US$ 4 million in technical assistance grants. ‎It was approved during the current meeting of the GCF Board in Cairo. The Fund’s governing body has 24 members from developed and developing countries and is the highest decision-making authority.

The Fund was established in 2010 by the 194 countries who are parties to the United Nations Framework Convention on Climate Change (UNFCCC) as part of the convention’s financial mechanism. It aims to deliver equal amounts of funding to mitigation and adaptation, while being guided by the convention’s principles and provisions.