GGF COMMITS NEW FINANCING TO ISBANK GEORGIA FOR BOOSTING GREEN INVESTMENTS AND ENERGY EFFICIENCY PROJECTS

Luxembourg and Tbilisi, 11, July 2024 – The Green for Growth Fund (GGF) has signed a EUR 7 million financing agreement with JSC Isbank Georgia to be used in energy efficiency and renewable energy projects.

The partnership between GGF and Isbank Georgia aims to support green investments, boost energy efficiency projects in Georgia and support the decarbonization of the local economy and transition to greener energy sources.

The new investment will support Isbank Georgia advance green financing in the country, particularly for energy and resource efficiency measures. The funding will enable the bank to on-lend to corporate and SME clients planning to invest in not only energy installations projects but also, for example, energy efficiency measures in some projects such as construction of residential buildings.

H.Emre Yılmaz, CEO of İsbank Georgia, said : “While Georgian economy is expanding, energy efficiency and renewable energy projects are crucial for the country’s green future. This funding will support the bank in loan diversification and support green projects in Georgia.”

Hakan Kural, Deputy CEO of İsbank Georgia, said : “JSC Isbank Georgia, once again demonstrating its commitment to sustainable future. With this 5 year-term loan from GGF, the Bank will provide the sustainable financing needed by the real sector making a significant contribution to accelerate their transition to green and renewable energy projects.”

“The GGF is delighted to expand the partnership with Isbank Georgia. Since the first agreement in 2021 with an investment of EUR 6.1 million, Isbank Georgia has shown remarkable achievements. We are confident that this new investment will be equally successful. Our collaboration aims to support the Georgian economy and help businesses improve their energy efficiency and competitiveness,” said Oxana Binzaru, Regional Director at Finance in Motion.

ABOUT THE GGF

The Green for Growth Fund (GGF) invests in measures to reduce energy use, CO2 emissions, and improving resource efficiency in 19 markets across Southeast Europe, the Caucasus, Ukraine, Moldova, the Middle East, and North Africa. It finances renewable energy projects, corporates, municipalities, and financial institutions, supported by its Technical Assistance Facility.

Initiated in December 2009 by Germany’s KfW Development Bank and the European Investment Bank, with financial support from the European Commission and more institutions, the GGF includes a diverse investor base of donor agencies, international financial institutions, and private investors. Finance in Motion GmbH and MACS Energy & Water GmbH provide advisory services. For more information, visit www.ggf.lu.

About JSC ISBANK GEORGIA

JSC Isbank Georgia has been operating in Georgia since 2012 and is a wholly owned subsidiary of Türkiye İş Bankası A.Ş., the largest private bank in Türkiye with total assets of $83 billion as of December 2023. Türkiye İş Bankası A.Ş. is represented with 1,061 domestic and 22 foreign branches in 5 countries, as well as 3 subsidiary banks and 2 representative offices in 5 more countries. JSC Isbank Georgia provides a wide variety of banking products and services to corporate and SME clients in Georgia. For more information, visit www.isbank.ge

Media contact GGF
Nusha Westhoff
Director Marketing & Communications  
Mobile: +49 69 271 035-789
press@ggf.lu