December 21, 2012, ASTANA – The World Bank is assisting Kazakhstan and Switzerland to set up a Trust Fund for the Energy Efficiency and Youth Corps Program using US$48.8 million of frozen assets to support youth development and the promotion of energy efficiency in Kazakhstan. The Trust Fund resources originate from legal proceedings in Switzerland in 2011. The parties involved in the proceedings reached an agreement to use these funds to benefit the Kazakh population.
According to an agreement signed today between the World Bank and the Swiss Agency for Development and Cooperation, the Bank-administered Trust Fund for the Energy Efficiency and Youth Corps Program will support the activities to ensure lasting developmental impact.
The Kazakhstan Youth Corps Project will promote positive youth development through learning opportunities that serve the community while helping youth develop important skills. The project is expected to help youth gain skills that would facilitate their entrance into the labor market.
The Energy Efficiency Project will help build the country’s capacity to reach its energy efficiency potential. The project is expected to result in quantified energy savings achieved from implementation of energy efficiency measures in selected public and social facilities. It will also help develop financing of future energy efficiency projects.
The World Bank will work with the Government of Kazakhstan to jointly prepare both projects for a launch in 2013 and will ensure training and capacity building throughout the implementation up to 2018.
For more information on the World Bank’s work in Kazakhstan, please visit: https://www.worldbank.org.kz
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