The European Bank for Reconstruction and Development (EBRD) has allocated a loan of 40 million EUR to Increase the Energy Efficiency ("EE") of Georgia. The proceeds of the loan to Georgia will be used to finance the Energy Efficiency ("EE") upgrade and rehabilitation of up to 250 public buildings located across the entire country.
“The goal of the Project is to contribute to Georgia's green economy transition by introducing comprehensive EE renovations of public buildings, building the capacity of local construction companies in this sector and supporting the creation of a value chain of green technologies”, - the statement reads.
To note, total cost of the project is 50 million USD, including 40 million EUR is loan financing. The Borrower is Georgia represented by the Ministry of Finance. The Project is to be implemented by the Municipal Development Fund ("MDF") of Georgia.
