Austrian Development Bank provides Georgian ProCredit Bank with credit line worth $15 million

Business Materials 22 May 2013 20:35 (UTC +04:00)

Georgia, Tbilisi, May 22 / Trend N. Kirtzkhalia /

An agreement on a first credit line was signed with the Austrian Development Bank at the head office of the Georgian ProCredit Bank on Tuesday. Energy efficiency projects and small to medium-sized enterprises will be financed in Georgia.

ProCredit Bank - Georgia director general Sascha Ternes said that ProCredit Bank and the Austrian Development Bank have been actively cooperating since 2008. According to the new contract the total amount of the credit line will be $15 million.

"Around 50 per cent of the amount will be used to support energy efficiency projects with the remaining 50 per cent used to finance small to medium-sized enterprises in Georgia," he said.

"The new 'eco loan', which will be issued by ProCredit Bank on favourable terms, gives the borrower the opportunity to reduce energy consumption and use natural resources more rationally," he said. "This means efficient production and improved competitiveness for business customers and improvement of living conditions for individuals."

He added that the implementation of the 'eco loan' project was possible with the help of German-based consulting firm IPC and the Austrian Development Bank.