GGF LENDS GEORGIA’S BANK REPUBLIC USD 5 MLN
- The GGF senior loan forms the basis of a partnership with Georgia’s 3rd largest bank
- Energy efficiency measures financed with the GGF loan are projected to create annual savings of nearly 2,000 MWh and close to 1,000 metric tons of CO2 emissions
Luxembourg and Tbilisi, Georgia, 5 July 2016 – The Green for Growth Fund (GGF) today announced a USD 5 million senior loan to Bank Republic to support the institution’s expansion of its green finance business.
The loan is the fund’s first to new partner Bank Republic, a subsidiary of Société Générale Group. Georgia’s third-largest bank plans to use the funding for investing in energy efficiency measures (EE) in the country, primarily by financing steps to reduce the power consumption and CO2 emissions of Georgian households.
GGF Chairman Christopher Knowles said: “This new partnership and financing will support the fund’s efforts to accelerate EE investments in Georgia and raise market awareness among end-clients."
Antoine Gabizon, CEO of Bank Republic said: “For Bank Republic, being a responsible company lies at the very heart of our business lines’ mission and reflects the essence of the relationship bank of reference that we strive to be. The GGF loan facility will allow Bank Republic to continue implementing its CSR policy and support energy efficient projects, further raising awareness of efficient energy use.”
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 in small to midsize 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 privately managed by Oppenheim Asset Management Services S.à r.l., Luxembourg and advised by Finance in Motion GmbH. MACS Management & Consulting Services GmbH, Frankfurt am Main acts as the technical advisor. For more information see www.ggf.lu
ABOUT BANK REPUBLIC
BANK REPUBLIC, a member of the Société Générale Group since 2006, is one of the most successful banking institutions in Georgia. Established in 1991, the bank enjoys a leading position in the retail and corporate market. Thanks to its universal business model, Bank Republic Société Générale Group remains a reliable long-term financial partner for its clients. The bank provides simple, transparent and innovative banking products and a superior quality of service via its 40 branches throughout Georgia. www.br.ge, https://www.facebook.com/bankrepublic.ge; http://www.linkedin.com/company/bank-republic
SOCIÉTÉ GÉNÉRALE is one of the largest European financial services groups. Based on a diversified universal banking model, the Group combines financial solidity with a strategy of sustainable growth, and aims to be the reference for relationship banking, recognized on its markets, close to clients, chosen for the quality and commitment of its teams. Société Générale has been playing a vital role in the economy for 150 years. More than 148,000 employees, based in 76 countries, accompany 32 million clients throughout the world on a daily basis. Société Générale’s teams offer advice and services to individual, corporate and institutional customers. www.societegenerale.com
Media contact GGF
Phone: +49 (0)69/271 035-307
Media contact Bank Republic
Phone: + (995 32) 2 90 9090 | 1102 |