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ProCredit Bank Georgia and Oesterreichische Entwicklungsbank (OeEB, the Development Bank of Austria) have signed a credit line agreement

Published: May 21, 2013 | 12:59 pm
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On 21 May 2013 representatives of ProCredit Bank Georgia and OeEB signed their first direct funding agreement at ProCredit Bank Georgia’s new head office in Tbilisi to fund energy efficiency projects and foster the development of small and medium enterprises in Georgia.

ProCredit Bank Georgia and OeEB have been successfully co-operating since 2008, focusing on the development of small and medium businesses right from the very start. The credit line, which is equivalent to USD 15 million, will serve two main purposes: 50% will be used to further support and expand investments in the area of energy efficiency and renewable energy, while the remaining 50% will be directed to the financing of small and medium businesses in Georgia..

The bank’s commitment to energy efficiency and renewable energy reflects the ProCredit group’s comprehensive approach to environmental management. In keeping with this approach, in 2012 ProCredit Bank Georgia expanded its environmental management system beyond the assessment of environmental risk in lending operations to include measures aimed at improving the bank’s internal environmental performance. In addition, the bank introduced green “Eco-loans” for investments in energy efficiency, renewable energy and environmentally friendly activities and measures for both private clients and business clients. The new loans, which were launched in August 2012 at preferential terms and conditions, fund investments that help customers to reduce energy consumption and use resources more responsibly. For businesses, this also means better productivity and increased competitiveness, while private clients can benefit from improved comfort and living conditions at home. The introduction of the green loans was made possible by the services of IPC (Internationale Projekt Consult GmbH), a consultancy company based in Germany, along with financial support from the Development Bank of Austria.

“We will make sure that with the funding received from the Development Bank of Austria, ProCredit Bank Georgia will continue to grant Eco-loans, whilst providing the best possible advice and consultancy. Our technical specialists ensure that our clients make meaningful investments and really save energy in the future,” says Dr h.c. Sascha Ternes, General Director of ProCredit Bank Georgia.

Supporting the development of Georgian small and medium-sized enterprises, which drive economic growth by generating employment opportunities, remains a major for ProCredit Bank’s co-operation with OeEB. “Energy efficiency is important, as it not only generates positive effects for the environment but also competitive advantages for MSMEs by saving resources. As OeEB is focused on the energy sector and support of MSMEs, ProCredit Bank Georgia is a perfect partner contributing to these key areas,” says Sabine Gaber, Head of the Investment Finance Department of OeEB.

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