Luxembourg and Tbilisi, 30 December 2020 – The Green for Growth Fund (GGF) has strengthened its partnership with ProCredit Bank in Georgia by approving a EUR 20 million loan. The investment aims to help businesses and households’ access dedicated financing for energy and resource efficiency measures, especially in light of the difficult economic circumstances brought about by the COVID-19 crisis.
ProCredit Bank is one of the largest lenders in Georgia and a pioneer in the market offering specialized green lending products. This focus has made ProCredit Bank a valuable ally in GGF’s mission to expand the availability of funding in the country to make the local economy greener and more environmentally friendly. The measures to be financed by this loan are estimated to result in 19,100 MWh of primary energy savings per year and reduce 5,050 tons of CO2 emissions annually.
GGF Chairman Olaf Zymelka said: “We are proud to continue this partnership, as ProCredit Bank Georgia has shown strong commitment to fostering green finance and contributing to a sustainable economic recovery. We hope that, together, we can contribute to a greener and more inclusive economic recovery during and post the COVID-19 crisis.”
General Director of ProCredit Bank Georgia Mr. Alex Matua said: “We understand that if we want to advance rapidly, we cannot forget the environment. We have to take care of it and use our resources wisely, no matter what challenges we are facing. Moreover, our share of responsibility is especially important today. The unity of economic, social and environmental principles must become a fundamental part of business for more organisations. Green financial resources allocated to ProCredit Bank Georgia as part of the GGF credit line, is an important support for the local companies and households as well. We look to the future positively and believe that we will overcome the crisis by taking combined efforts and consecutive steps.”
ABOUT THE GGF
The Green for Growth Fund invests in measures designed to cut energy use and CO2 emissions, and improve resource efficiency in 19 markets across Southeast Europe and Turkey, the European Eastern Neighbourhood Region, and the Middle East and North Africa. The fund provides such financing directly to renewable energy projects, corporates and municipalities or indirectly via selected financial institutions. 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, and the German ethical bank GLS. The GGF is advised by Finance in Motion GmbH. MACS Energy & Water GmbH, Frankfurt am Main acts as the technical advisor.
ABOUT PROCREDIT BANK GEORGIA
ProCredit Bank Georgia is the part of the international ProCredit Group, which operates mainly in Eastern and South Eastern European countries with transition economies, as well as in Germany. The parent company of the development-oriented ProCredit group is ProCredit Holding AG & Co. KGaA, based in Frankfurt am Main, Germany.
ProCredit Bank Georgia has been operating in the Georgian banking sector since 1999. The basic purpose of the bank’s activities is to finance small and medium-sized businesses that have a long-term development plan and provide banking services to private individuals who have the capacity to save and prefer doing their banking remotely.
The development-oriented bank conducts banking operations in a highly responsible manner. This approach entails complying with social, ethical and environmental standards. It pays very close attention to the environmental impact of the activities and makes each and every effort to mitigate this impact. ProCredit is the first bank in Georgia to obtain ISO 14001 certification.
The international credit rating agency FITCH RATINGS has assigned ProCredit Bank the best and highest possible rating Bank in Georgia, which is even one notch higher than the country’s sovereign rating. This indicates that the bank’s assets have historically demonstrated their high quality and excellence.
Media contact GGF
Manager Marketing & Communications
Phone: +49 (0)69 271 035-171
Media contact ProCredit Bank Georgia
Phone: +995 591 67 88 87