Georgia: Agriculture and construction companies will profit from energy efficiency loans

Photo: Unsplash
Photo: Unsplash

The Green for Growth Fund (GGF) has partnered with Georgia’s BasisBank, providing a loan of USD 10 million to support energy efficiency lending to large and medium-sized companies in the agriculture and construction sectors.

BasisBank is the sixth largest bank in Georgia and will be a new partner for GGF to promote energy efficiency among larger and medium-sized companies seeking further growth. GGF Chairman Olaf Zymelka stated “BasisBank’s focus on working with growing businesses in Georgia offers a promising potential for helping companies become trendsetters in energy efficiency.”

The Green for Growth Fund, part of the EU4Energy Initiative, invests in measures designed to cut energy use and CO2 emissions, and improve resource efficiency in 19 markets across southeast Europe, the Caucasus, Ukraine, Moldova, the Middle East and North Africa. The fund provides such financing directly to renewable energy projects, corporations and municipalities or indirectly via selected financial institutions.

The GGF was initiated as a public-private partnership in December 2009 by Germany’s KfW Development Bank and the European Investment Bank, with financial support from the European Commission, the German Federal Ministry for Economic Cooperation and Development, the European Bank for Reconstruction and Development, and the Austrian development bank OeEB.

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Press release

EU4Energy: Green for Growth Fund