BAKU, Azerbaijan, December 11
By Tamilla Mammadova – Trend:
European Bank for Reconstruction and Development (EBRD) is launching a new Green Economy Financing Facility (GEFF) Georgia to strengthen energy efficiency in country, Trend reports referring to EBRD.
The bank will provide an amount of $54 million for GEFF Georgia. The project co-financed by the Green Climate Fund (GCF) and supported by the Austrian Federal Ministry of Finance.
The facility supports small and medium-sized enterprises (SMEs), corporations and residential households by making loans available through local partner banks for energy efficiency, climate adaptation and mitigation projects.
The funds are allocated for the purchase of energy-efficient building materials, double-glazed windows and doors, heat insulation, lighting, construction, agricultural machinery and equipment, photovoltaic solar panels, geothermal heat pumps and water-saving irrigation systems.
GEFF Georgia initiative was launched in Tbilisi, following the successful completion of the previous EBRD project Energocredit, which was supported by the European Union and the Austrian Federal Ministry of Finance.
Since the launch of Energocredit in Georgia in 2012, 31 companies and over 29,000 households have together received in excess of 42 million euro in green financing through six local banks.
GEFF Georgia will contribute to a green economy in Georgia by supporting the expansion of green finance in accordance with the EBRD’s Green Economy Transition standards.
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 euro in 237 projects in the financial, corporate, infrastructure and energy sectors, with 89 percent of these investments in the private sector.
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