EBRD has approved EUR 40 million sovereign loan to Georgia
European Bank for Reconstruction and Development (EBRD) has approved EUR 40 million sovereign loan to Georgia for the Project that will support capacity of the Government to better incorporate EE aspects in building construction and operation.The proceeds of the loan to Georgia will be used to finance the Energy Efficiency ("EE") upgrade and rehabilitation of up to 250 public buildings located across the entire country.
“The goal of the Project is to contribute to Georgia's green economy transition by introducing comprehensive EE renovations of public buildings, building the capacity of local construction companies in this sector and supporting the creation of a value chain of green technologies”, - says EBRD.
Total project cost is EUR 50 million from which EUR 40 million is financed as sovereign loan to Georgia from EBRD.
The Borrower is Georgia represented by the Ministry of Finance. The Project is to be implemented by the Municipal Development Fund ("MDF") of Georgia.