Short description of the overall project

The Green for Growth Fund (GGF) has provided a USD 25 million loan to Bank of Georgia Group PLC (the Bank of Georgia Group or the Group) with a view to supporting the Group in diversifying and growing its EE and RE lending portfolio for large companies and SMEs as well as public entities. The loan would be distributed to the customers through the Group’s dominant subsidiary, the Bank of Georgia. The impact of the loan will be enhanced by capacity building activities of the GGF Technical Assistance Facility, enabling the Bank of Georgia to better estimate energy savings from potential investments.

The subsidiary, Bank of Georgia has been a partner of the GGF since 2014. This extended facility will be utilized by the Bank of Georgia Group to diversify their green lending portfolio into the commercial sectors including industries like manufacturing, construction and agriculture as well as RE projects. Being the second largest commercial banking group in Georgia with a diversified lending portfolio, they continue to provide GGF with opportunities to promote energy efficiency from the grassroot level up by creating awareness and stimulating demand, as well as for helping steer Georgia’s energy mix, which consists of 85% hydropower, toward diversification of RE sources.