BAKU, Azerbaijan, Apr.2
By Tamilla Mammadova – Trend:
The European Bank for Reconstruction and Development (EBRD) has allocated a loan of 40 million euros to increase the energy efficiency of Georgia, Trend reports referring to EBRD.
As reported, the loan to Georgia will be used to finance the energy efficiency upgrade and rehabilitation of up to 250 public buildings located across the entire country.
“The goal of the project is to contribute to Georgia's green economy transition by introducing comprehensive energy efficiency renovations of public buildings, building the capacity of local construction companies in this sector and supporting the creation of a value chain of green technologies”, the statement reads.
As reported, total cost of the project is $50 million, including 40 million euros as a loan. The borrower on behalf of Georgia is the country's Ministry of Finance.
The project is to be implemented by the Municipal Development Fund of Georgia.
In Georgia, EBRD focuses on supporting private sector competitiveness through innovation, developing local currency and capital markets, expanding markets through inter-regional connectivity, and renewable energy, resource efficiency and climate change adaptation.
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