TBC Bank has signed three loan agreements totalling $23 million equivalent in Georgian lari with the European Bank for Reconstruction and Development (EBRD). $20 million will be made available under the Green Economy Financing Facility (GEFF) framework. The funding will be used for investments in green technology, especially in climate adaptation and mitigation technologies. The financial package includes a comprehensive technical advisory package, co-financed by the Green Climate Fund (GCF) and supported by the Austrian Federal Ministry of Finance (BMF).
Possible investments include technologies such as thermal insulation, photovoltaic solar panels, geothermal heat pumps and water-efficient irrigation systems. GEFF consultants will help businesses identify typical green technologies available in Georgia.
Vakhtang Butskhrikidze, CEO, TBC Bank, expressed enthusiasm for the initiative: “The EBRD has provided support to TBC Bank through numerous debt facilities, technical assistance programmes and equity investments. With these loans, TBC will further contribute to the positive development of its clients in various sectors of the economy.”
The EBRD’s Regional Director for Caucasus, Catarina Bjorlin Hansen, commented on another positive angle of the loan agreement: “Energy is a significant cost component for companies and households and these investments can help firms and residents to significantly reduce their energy consumption, and therefore become more competitive.”
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