EBRD Allocates $54 mln for the Development of Energy Efficiency in Georgia

Recent increase in energy prices, the desire to reduce the risks of dependence on external energy supplies, and advancements in energy distribution collection levels have created prerequisites for active development of energy efficiency in Georgia.

The European Bank for Reconstruction and Development (EBRD) is launching a new Green Economy Financing Facility (GEFF) programme to advance energy efficiency and climate resilient technologies in Georgia.

The EBRD is a leading institutional investor in Georgia. Since the start of its operations in the country, the Bank has invested over €3.5 billion in 237 projects in the financial, corporate, infrastructure and energy sectors, with 89 per cent of these investments in the private sector.

“The facility supports small and medium-sized enterprises (SMEs), corporations and residential households by making loans available through local partner banks for energy efficiency, climate adaptation and mitigation projects,” says the EBRD.

The possible investments include energy-efficient construction materials, double-glazed windows and doors, thermal insulation, lighting, construction, agricultural equipment and machinery, photovoltaic solar panels, geothermal heat pumps and water-efficient irrigation systems.

In partnership with EBRD, GEFF Georgia will contribute to a green economy in Georgia by supporting the expansion of green finance. The donor funding will help ensure that women and men have equal opportunities to access finance to run their businesses.

GEFF Georgia will have a volume of US$ 54 million. The programme is co-financed by the Green Climate Fund (GCF) and the Austrian Federal Ministry of Finance. The GCF is the largest climate fund in the world and supports the efforts of developing countries to respond to climate change.

Source: http://georgiatoday.ge/news/18618/EBRD-Allocates-%2454-mln-for-the-Development-of-Energy-Efficiency-in-Georgia