Bank of Georgia receives EUR 15 million from Green for Growth Fund

Bank of Georgia Holdings PLC (“BGH”), the holding company of JSC Bank of Georgia (“the Bank”), Georgia’s leading bank announces that the Bank has received a EUR 15 million senior loan facility from Green for Growth Fund (“GGF”). The GGF loan will initially go towards financing energy efficient construction projects in Tbilisi, which will result in primary energy savings of more than 20% for energy compared to conventional buildings. This is the first loan extended in Georgia by GGF Southeast Europe.

“We are very pleased to get started in Georgia through a partnership with the market leader who is also investing in the development of energy efficient apartments and firmly committed to promoting energy efficient projects in Georgia. We are confident this deal will stimulate additional energy efficient market initiatives and significantly contribute towards achieving more energy savings in the country,” said Christopher Knowles, Chairman of the Green for Growth Fund, Southeast Europe.

“Supporting environment friendly programmes has been at the heart of our group’s sustainability agenda for a number of years. We are continuously improving our range of products and services to take into account our environmental footprint. We are therefore delighted to be joining efforts GGF to achieve enhanced energy efficiency in Georgia,” said Irakli Gilauri, CEO of Bank of Georgia.