TBC Bank Receives EBRD Award for Financing Energy Efficiency Projects

The European Bank for Reconstruction and Development (EBRD) has awarded TBC Bank with a grant for financing the best energy-efficient projects and promoting green economic development in Georgia. At the event, six companies were identified as the authors of the best energy-efficient projects, including LiderFood Ltd and the Shilda Hydro Power Plant, which have been cooperating with TBC Bank for many years.

The Caucasus Energy Efficiency Program is funded by CEEP, EBRD, EU and the Austrian Ministry of Finance, within which 31 companies and more than 29,000 households in Georgia have received more than €42 million of energy credits from six local banks since 2012.

The presentation also included the presentation of the new EBRD Green Economy Financing Program - GEFF, a continuation of the Caucasus Energy Efficiency Program - CEEP. Within the framework of the project, EBRD will finance energy efficient projects.

GEFF will allocate $54 million for Georgia. Co-sponsors of the program with the EBRD are: Green Climate Fund - GCF and Austrian Ministry of Finance. The Green Climate Fund is the world's largest fund that helps developing countries respond to climate change. The new project will enable corporate, small and medium-sized businesses to obtain loans from local banks to contribute to the development of green economics.

Loans are available for energy efficient building materials, agricultural machinery and equipment. For a full list of green technologies see here: www.ts.ebrdgeff.com/georgia-ge/

The EBRD is a leading investor in Georgia. Since launching its operations in Georgia, the Bank has invested more than €3.5 billion in 237 financial, corporate, infrastructure and energy sectors. 89% of bank investments go to the private sector.

By Mariam Merabishvili