The FNANCIAL -- The Green for Growth Fund (GGF), which is part of the EU4Energy initiative, has provided a senior loan of USD 1.5 million to a new partner in Georgia, JSC MFO Crystal (Crystal), to expand green energy lending in Georgia.
The largest microfinance organisation in the country, Crystal primarily serves microentrepreneurs and farmers, with a strong focus on rural and energy-efficiency improvements. In 2017 it also pioneered financing for solar energy systems in remote areas.
Thanks to the new GGF funding, to which the EU is a contributor along with other international donors, households and farmers would be able to improve their carbon footprint and save energy. Measures financed through the loan are expected to result in annual primary energy savings of over 2,600 MWh and reduce CO2 by approximately 910 metric tons per year. The GGF will also support Crystal in measuring and promoting green impact, developing energy-efficiency products, and raising green energy awareness among its client sector.
The Green for Growth Fund (GGF) is part of the EU4Energy Initiative and invests in measures designed to cut energy use and CO2 emissions and improve resource efficiency in 19 countries across Southeast Europe, the Caucasus, Ukraine, the Republic of Moldova, the Middle East and North Africa. The fund provides financing to local partners that on-lend to enterprises and private households, and it invests directly, primarily through the contribution of senior debt, in renewable energy projects.