GGF PARTNERS WITH TBC LEASING TO SUPPORT ENERGY EFFICIENCY FOR SMES IN GEORGIA
• The GGF senior loan of USD 2.5 million to TBC Leasing marks the fund’s first leasing partner in the country
• EE measures financed with the GGF loan are projected to result in annual primary energy savings of approx. 2,975 MWh and CO2 emission reductions of approx. 349 tons
Luxembourg and Tbilisi, Georgia, 14 November, 2017 – The Green for Growth Fund (GGF) has provided a USD 2.5 million senior loan to TBC Leasing in Georgia. This is the fund’s first facility for a Georgian leasing institution and will target primarily small and medium enterprise (SME) customers for the purposes of business equipment upgrades and replacement.
TBC Leasing is the market leader in the leasing segment and is strategically committed to explore new products in the nascent green leasing segment in the country. The company was established in 2003 by TBC Bank, Georgia’s largest bank and a partner of the GGF since 2015. TBC Leasing will use this loan to launch new green leasing products for SMEs, which will help clients to upgrade primarily agricultural and construction machinery to more energy efficient models. The investment, together with the planned internal expertise building through the GGF Technical Assistance Facility, will be instrumental in supporting the institution’s focus on green finance.
GGF Chairman Christopher Knowles said: “We are pleased to welcome TBC Leasing as a partner and to support the introduction of energy efficient leasing products in Georgia. Through this investment, the GGF is contributing to raising awareness of energy efficiency among SMEs and encouraging in the development of the sustainable energy equipment segment in Georgia.”
“Being a partner of GGF and building a socially responsible, greener business environment in our country is very important for TBC Leasing, a leading leasing company in Georgia. Among many other industries that we finance, agriculture and construction are one of the strategic directions where the GGF senior loan will help us promote energy efficient products,” said Gaga Gogua, CEO of TBC Leasing.
ABOUT THE GGF
The Green for Growth Fund invests in measures designed to cut energy use and CO2 emissions by a minimum of 20% in 19 markets across Southeast Europe, the Caucasus, Ukraine, Moldova, the Middle East and North Africa. The fund provides financing to local partners that on-lend to enterprises and private households, and it invests directly, primarily through the contribution of senior debt, in renewable energy projects. The GGF’s Technical Assistance Facility maximizes the fund’s investment impact through support for capacity building at local financial institutions and partners.
The GGF was initiated as a public-private partnership in December 2009 by Germany’s KfW Development Bank and the European Investment Bank, with financial support from the European Commission, the German Federal Ministry for Economic Cooperation and Development, the European Bank for Reconstruction and Development, and the Austrian development bank OeEB. The fund’s growing investor base comprises donor agencies, international financial institutions and institutional private investors, including the International Finance Corporation, the Dutch development bank FMO, the German ethical bank GLS, and Church of Sweden. The GGF is advised by Finance in Motion GmbH. MACS Management & Consulting Services GmbH, Frankfurt am Main acts as the technical advisor.
ABOUT TBC LEASING
JSC TBC Leasing was established in 2003 by TBC Bank, Georgia’s largest bank.
The company with more than 1,200 customers across Georgia and almost 2,300 valid leasing agreements, is currently the leader of the market and manages GEL 135 mm portfolio. Company’s team consists of over 70 members.
The list of TBCL clients vary from medical, printing, transportation, construction companies, food and processing industry, to service industry and trade, as well as agricultural companies all across Georgia.
By now total leasing portfolio in Georgia amounts to almost 188 mm GEL, out of which 71% is for TBC Leasing (based on information exchanged among three leasing companies)
Prompt and flexible service makes TBCL products attractive for both newly established yet developing and accomplished large companies. The company constantly strives to develop partnership with different local and international manufacturers, dealers and FIs and thus offer clients flexible new products tailored to their needs.
For more information, visit www.tbcleasing.ge
Media contact GGF
Tel: +49 (0)69 271 035-171
Media contact TBC Leasing
Phone: (+995) 599 574441