Bank of Georgia receives green funding

Bank of Georgia receives green funding

Published: September 30, 2014

Georgian lender receives €15mn from EIB-backed fund to finance energy-efficient construction.

Bank of Georgia has received a €15mn (US$19mn) loan from the Green for Growth Fund Southeast Europe to help the bank finance energy-efficient construction projects in the Georgian capital Tbilisi.

The bank says the projects it backs should result in energy savings of more than 20% compared to conventional buildings.

The loan is the first extended in Georgia by the Green for Growth Fund, which was established in 2009 by the European Investment Bank and German development bank KfW Entwicklungsbank.