Georgia's TBC Bank secures EBRD loans for green financing

JSC TBC Bank, of Georgia’s TBC Bank Group PLC (LON:TBCG), has signed three loan agreements with the European Bank for Reconstruction and Development (EBRD) to obtain funding to support investments in green technologies.

The financial package totals USD-23-million (EUR 20.5m) equivalent in Georgian currency lari, the lender said. The loans will be directed towards financing of climate adaptation and mitigation initiatives in Georgia, including technologies such as solar photovoltaic (PV) panels, geothermal heat pumps, water-efficient irrigation systems and thermal insulation.

The agreements with the EBRD are accompanied by a comprehensive technical advisory package, co-financed by the Green Climate Fund (GCF) and supported by the Austrian federal ministry of finance.

(USD 1.0 = EUR 0.89)

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