The Green for Growth Fund (GGF) has signed a €7 million financing agreement with JSC Isbank Georgia to be used in energy efficiency and renewable energy projects.
The new investment, agreed at the end of July, will support Isbank Georgia to advance green financing in the country, particularly for energy and resource efficiency measures. The funding will enable the bank to on-lend to corporate and SME clients planning to invest, for example, in energy installations or energy efficiency measures in projects such as the construction of residential buildings.
Emre Yılmaz, CEO of İsbank Georgia, said: “While the Georgian economy is expanding, energy efficiency and renewable energy projects are crucial for the country’s green future. This funding will support the bank in loan diversification and support green projects in Georgia.”
Initiated in December 2009 by Germany’s KfW Development Bank and the European Investment Bank, with financial support from the European Commission and more institutions, the GGF includes a diverse investor base of donor agencies, international financial institutions, and private investors. The Fund invests in measures to reduce energy use, CO2 emissions, and improving resource efficiency in 19 markets across Southeast Europe, the Caucasus, Ukraine and Moldova.
