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The EU-supported, multi-donor Green for Growth Fund (GGF) has provided a loan of USD 25 million to Bank of Georgia Group. The main aim is to support the bank in diversifying and growing its energy efficiency and renewable energy lending portfolio for large companies and SMEs, as well as public entities. Potential beneficiaries include manufacturing, construction and agriculture industries, as well as renewable energy projects.
Kaha Kiknavelidze, the CEO of Bank of Georgia Group commented on the new agreement with GGF. “This is our second co-operation with GGF, which will significantly contribute to the further improvement of our environmental footprint”, he said.
The Green for Growth Fund, part of the EU4Energy Initiative, invests in measures designed to cut energy use and CO2 emissions and improve resource efficiency in 19 markets across southeast Europe, the Caucasus, Ukraine, Moldova, the Middle East and North Africa. The fund provides such financing directly to renewable energy projects, corporations and municipalities or indirectly via selected financial institutions.
The GGF was initiated as a public-private partnership in December 2009 by Germany’s KfW Development Bank and the European Investment Bank, with financial support from the European Commission, the German Federal Ministry for Economic Cooperation and Development, the European Bank for Reconstruction and Development, and the Austrian development bank OeEB.
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