GCF, Georgia’s largest bank sign accreditation agreement
The Green Climate Fund (GCF) has signed an Accreditation Master Agreement (AMA) with JSC TBC Bank, the largest financial institution in Georgia, for a five-year accreditation term.
This partnership will enable GCF to mobilise funds through the private sector to support Georgia’s climate change actions. As a first step, GCF is working with TBC Bank and the Ministry of Environmental Protection and Agriculture to develop a Readiness proposal with the ambition to support TBC in designing a GCF project for a loan facility dedicated to energy transformation investments. The facility will seek to channel funds to key private sector actors in Georgia including micro, small and medium enterprises (MSMEs), corporates, and the retail sector.
This agreement will provide Georgia an opportunity to access GCF resources directly for an innovative investment platform that will catalyse private sector funding for nationally led energy transformation and energy efficiency projects.
Speaking about the signing, Carolina Fuentes, Director of GCF’s Division of Country Programming (DCP), said “The accreditation and now signing of the AMA with TBC Bank is an exciting opportunity for GCF to support private sector engagement in Georgia. Direct access and private sector engagement in climate investments are important mandates of the Fund, and we are glad to support Georgia and the Eastern Europe region on the accreditation of this private sector entity.”
Giorgi Megrelishvili, Deputy General Director at JSC TBC Bank added: “The signing of the Accreditation Master Agreement is an important milestone in our partnership with the Green Climate Fund. This agreement will catalyse our efforts to mobilise much-needed funding from GCF to increase the financing of climate change adaptation or mitigation projects and support our country to respond to climate change challenges”.