EU and fund representatives visited energy efficient apartment building supported by GGF loan

Luxembourg and Tbilisi, 3 April 2018 – On 21 March, the Green for Growth Fund (GGF) hosted a site visit as part of a European Union Delegation to Georgia, led by the Deputy Director-General; DG NEAR, European Commission, Ms. Katarina Mathernova. The delegation visited a construction project from local real estate developer M2, the recipient of a USD 11.5 million loan from the GGF, that is building energy efficient apartments in Tbilisi.

Seventeen visitors, including media, were on site to hear directly from the developer about the superior insulation, windows and highly efficient boilers that are used as part of the construction to ensure at least a 20% efficiency improvement in comparison to standard Georgian construction practices. 

Representing the GGF was Fund Director Olaf Zymelka, who remarked: “The GGF has supported energy efficient buildings in Georgia since 2014 and the M2 project is a prime example of the fund’s commitment to energy savings and CO2 reductions in the country. We are very pleased that the European Commission, a key investor in the fund, is on site to visit this project and further show their support of the fund’s work to enhance energy efficiency and foster renewable energy.”

The GGF’s investment in M2 was part of a USD 23 million syndicated loan led by the International Finance Corporation in 2015.


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.

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EU4Energy covers all EU support to improve energy supply, security and connectivity, as well as to promote energy efficiency and the use of renewables in the Eastern Partner countries (Armenia, Azerbaijan, Belarus, Georgia, the Republic of Moldova and Ukraine). It does this by financing projects and programmes that help to reform energy markets and to reduce national energy dependence and consumption. Over the long term, this makes energy supply more reliable, transparent and affordable, thus reducing energy poverty and energy bills for both citizens and the private sector. The Energy Community Secretariat is an implementing partner responsible for delivering technical assistance to Georgia, Moldova and Ukraine.

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