VISP - Samruk-Energy Loan



Project number:


Business sector:


Notice type:


Environmental category:


Approval date:

08 Jul 2020



PSD disclosed:

22 May 2020

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

The provision of a senior short-term loan of up to € 46 million equivalent in KZT in favour of JSC "Samruk-Energy" ("Samruk-Energy") under the Vital Infrastructure Support Programme (VISP) to provide the borrower with liquidity to overcome any potential temporary drop in revenues and collections in case of further COVID-19 spread in Kazakhstan.

Project Objectives

The Loan supports Samruk-Energy in addressing its potential working capital needs in case of further spread of the pandemic across the country.

Transition Impact

ETI score: 65

ETI Score: 65

Transition impact is coming from two components: (i) Resilience; and (ii) Gender Inclusion

Client Information


JSC "Samruk-Energy" is a key electricity producer in Kazakhstan that accounts for around a third of electricity production in the country, including in the most populated Almaty region, and is a vital infrastructure provider of strategic importance. The total electricity-production capacity of Samruk-Energy is over 6,000 MW, with annual net electricity generation of around 30,000 million kW/h.

The company is owned by Samruk-Kazyna Sovereign Welfare Fund, the largest investment holding in Kazakhstan.

EBRD Finance Summary

KZT 21,400,000,512.00

KZT 21,400,000,000.00 (EUR 46 million equivalent)

Total Project Cost

KZT 21,400,000,512.00

KZT 21,400,000,000.00 (€46 million equivalent)


Due to COVID-19's spread across Kazakhstan with the state of emergency declared on 15 March 2020 followed by the lockdown for both individuals and businesses, the economy was hit with the local banks facing liquidity shortages due to delayed payments.  In such circumstances, Samruk-Energy's requirement of liquidity may not be satisfied on time.  The Bank's short-term facility will support financial security of Samruk-Energy, as a backbone infrastructure provider, and its smoother recovery in case of further deterioration of the pandemic crisis.

Environmental and Social Summary

Category B (2019 ESP).  Due diligence on this Project has been undertaken in line with ESD's ESDD approach to the COVID-19 situation, utilising review of existing documentation and Q&A with the client.

Independent ESDD carried out on previous Projects confirmed that the Company has the institutional capacity to implement the Bank's Performance Requirements and has an appropriate EHSS risk management structure which has been independently verified and certified.  Overall, the current ESDD has confirmed that the Company is on track in implementing the existing ESAP and has maintained its institutional capacity.

The Company operates a number of power generating and transmission assets, inclusive of coal fired power plants.  While the ESDD confirmed that these are in compliance with National legislation, significant investments are required to bring these assets into compliance with the EU standards.  This has been recognized in the past and the Bank has been working alongside the Kazakh government with the aim of developing new National standards based on the EU and international requirements. This is ongoing although the government is reluctant to fully implement the EU environmental standards at this stage.  It is possible therefore that the Company will not attain the EU environmental standards in terms of emission and BAT performance in the short to medium term, although it is recognized that significant investments will need to be made by 2030.

Based on the results of the due diligence, the Bank is in the process of agreeing an updated Environmental and Social Action Plan (ESAP), which will address the issues identified in the ESDD.  This includes further strengthening of the EHS management systems, aspects of OHS management, and strengthening elements of public reporting; as well as aligning the EIA process and stakeholder management in line with the Bank's PRs.  The ESAP also includes the requirement for the Company to undertake additional Best Available Techniques (BAT) audits and develop action plans to attain EU based environmental standards over time on the large generating assets, although it is noted that implementation of such plans will likely require significant additional capital investments as noted above.

 The Company will also develop a program to report on climate impacts and develop a corporate  strategy in line with Kazak Green Economy plans, which is to be included as part of future reporting later on.  The ESAP also requires that if the Company were to develop projects in sensitive areas or of sensitive nature, these would need a full ESIA in line with Bank requirements. The EBRD proceeds will not be used for any Category A projects and the Company will not build new coal fired power plants.  Additional measures were also agreed to ensure preventative measures are reviewed in light of environmental and social risks associated with COVID -19. To date the Company has no plans for any retrenchment associated with COVID-19.

Technical Cooperation and Grant Financing


Company Contact Information

Nurlan Yessilbayev
+ 7 (7172) 69-23-02

PSD last updated

12 Jun 2020

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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