MDF to implement the large scale project
Georgia is to receive the financial support from the Nordic Environment Finance Corporation (NEFCO) in order energy efficiency of public buildings to be improved. On July 4th, 2018 Finance Minister of Georgia Mr. Nikoloz Gagua, Executive Director of the Municipal Development Fund (MDF) Mr. Giorgi Shengelia, Managing Director of NEFCO Mr. Magnus Rystedt and Senior Investment Manager Mr. Bo Eske Nyhus, signed the Loan, Grant and Project Agreements aimed at financing of as follows: “Improvement of Energy Efficiency of Public Buildings in Georgia, Applying of Renewable and Alternative Energy”. The project will be implemented by MDF.
The NEFCO will allocate the financial resource to Georgia at the amount of 2.83 million EUR within the Agreement. The Regional Fund of the Eastern Europe Energy Efficiency and Environment Partnership (E5P) will provide the country with the grant at the amount of 1.87 million EUR. Moreover there will be received the Danish grant at the amount of up to 0.44 million EUR. Total investment amount of the project makes up 5.14 million EUR.
The objective of the project is execution of arrangements from the standpoint of energy efficiency at public buildings of Georgia and it means the sources of renewable and alternative energies to be introduced at administrative and educational buildings, envisaged under the project. The referenced project is to have considerable environmental and social effect and it will support also improvement of energy efficiency standards as well as increasing of energy independence of the state.
The project is estimated to be executed in 2018-2020. On the basis of conducted studies there are considered the following cities and regions at present stage: Tbilisi, Rustavi, Kartli, Kakheti, Mtskheta-Mtianeti, Samtskhe-Javakheti, Guria and Samegrelo.
