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The objective of the Additional Financing for the Energy Efficiency Facility for Industrial Enterprises Project is to improve energy efficiency (EE) in Industrial Enterprises by designing and establishing a financing mechanism for energy saving investments. The additional credit will help finance the costs associated with scaled-up activities to increase the energy saving impact of the project. The project has disbursed 34 percent of the original credit and is now being implemented at a fast pace, such that the development objective is expected to be met a year ahead of schedule. The changes include inter alia further enhancing the energy efficiency capacity of selected industries, banks, industry associations and energy professionals. Similarly, the aggregate amount of sub-loans will now be no more than (i) US$10 million for individual beneficiaries and (ii) US$30 million for groups of affiliated beneficiaries. The eligibility criteria concerning associated parties will be revised to: (a) Industrial Enterprises (IEs) should not have more than 10 percent of shares in the Participating Banks (PBs); and (b) PBs (i.e. Asaka Bank, Hamkorbank, and Uzpromstroybank) should not have more than 10 percent ownership stake in the IEs. These limitations are in line with the prudential norms for identifying a bank's related party in the terms of the Central Bank of Uzbekistan (CBU) regulations (no.556 dated February 27, 2009).
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