EU supports green finance in Georgia
EU supports green finance in Georgia
Wednesday, 11 December 2019 14:58

EU supports green finance in Georgia o.polyuga Wed, 12/11/2019 - 15:58

Photo: European Union

On 10 December, the European Bank for Reconstruction and Development (EBRD) launched its new Green Economy Financing Facility (GEFF) programme in Tbilisi, Georgia. The Green Economy Financing Facility will be co-financed by the EBRD, Austrian Federal Ministry of Finance and Green Climate Fund.

The launch event was followed by the awarding ceremony of the previous successfully implemented EBRD facility, Energocredit, supported by the European Union and the Austrian Federal Ministry of Finance. During the launch event, the EBRD announced the six best energy efficiency projects in Georgia based on their contribution to the green economy.

The Green Economy Financing Facility will contribute to the development and strengthening of the green economy in Georgia. With a total budget of USD 54 million (€49 million), the facility will support investments in energy efficiency, climate mitigation and adaptation by small and medium-sized enterprises, corporations and residential households by making loans available through local partner banks.

The EBRD is a leading institutional investor in Georgia. Since the start of its operations in the country, the bank has invested over €3.5 billion in 237 projects in the financial, corporate, infrastructure and energy sectors, with 89 per cent of these investments in the private sector.

Find out more

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