FINCA launches new credit product – “Yuinom”. This product is offered to the population together with joint programme KyrSEFF EBRD (Programme of financing of sustainable energy in Kyrgyzstan).

Non-accidentally, phrase “Energy saving is cost saving” is defined as a slogan for this product. Energy efficiency credit envisages two main goals. The first goal is to provide the population of Kyrgyzstan with credit money to carry out energy efficiency interventions.  The second one is capacity building for cost saving for energy consumption and payment for utilities, improving of product quality, reduction of operational costs of business through use of modern energy saving equipment, etc. Other advantage of the credit is to provide the clients an opportunity to compensate part of funds by the grant.

“Yuinom” is purposed for the households, small and medium size business. Owners of the private houses, apartments, cooperatives, private entrepreneurs can fulfill following energy saving interventions with a help of received credit:

·         insulation of houses, apartments, building blocks with usage of modern technologies;

·         replace or install energy-saving industrial equipment and agricultural machinery;

·         introduce renewable sources of energy (and so on).

Crediting mechanism is following: the client is offered credit within the group or individual crediting. It is very important to direct credit at energy-saving activities. After getting the credit the client carries out activities to improve household comfort or modernize production during four months. One of attractive conditions of this product will emerge here – the client must compensate investment of funds in right way, writing application for the grant under the crediting. This condition will work and funds will be reimbursed if the credit is used according to its intended purpose, and the client fulfilled required conditions related to energy efficiency of his/her household or business – he/she procured and installed energy saving equipment recommended by the specialists and presented financial documents. Grants in range from 20%   to 35% are anticipated for the households, and from 10% to 20% – for business depending on implemented energy saving interventions.

Initially, “Yuinom” will be introduced in the pilot FINCA branches: Bishkek, Center, Dordoi and Osh.  In May, it will be presented to all company branches.

It is worth to state out that this FINCA product is implemented in close partnership with Programme KyrSEFF EBRD. The programme specialists will provide free consultations on technical, legal issues and questions of the clients who decided to use the “Yuinom” credit.