Green for Growth Fund approves €20 million loan to Procredit Bank Georgia to finance green measures

Green for Growth Fund approves €20 million loan to Procredit Bank Georgia to finance green measures

January 5, 2021

On 30 December 2020, The Green for Growth Fund (GGF) approved a €20 million loan to ProCredit Bank Georgia, one of the largest lenders in Georgia and a pioneer in the market offering specialised green lending products. The investment aims to help businesses’ and households’ access to dedicated financing for energy and resource efficiency measures, especially during the COVID-19 crisis.

The measures to be financed by this loan are estimated to result in 19,100 MWh of primary energy savings per year, and are expected to reduce CO2 emissions by 5,050 tons annually.

Part of the EU4Energy Initiative, the Green for Growth Fund, invests in measures designed to cut energy use and CO2 emissions, and improve resource efficiency in 19 markets, including in the European Eastern Neighbourhood Region. The fund provides such financing directly to renewable energy projects, corporates 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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