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.
Find out more
Interested in the latest news and opportunities?
This website is managed by the EU-funded Regional Communication Programme for the Eastern Neighbourhood ('EU NEIGHBOURS east’), which complements and supports the communication of the Delegations of the European Union in the Eastern partner countries, and works under the guidance of the European Commission’s Directorate-General for Neighbourhood Policy and Enlargement Negotiations, and the European External Action Service. EU NEIGHBOURS east is implemented by a B&S Europe-led consortium. It is part of the larger Neighbourhood Communication Programme (2020-2024) for the EU's Eastern and Southern Neighbourhood, which also includes 'EU NEIGHBOURS south’ project that runs the EU Neighbours portal.