The Asian Development Bank (ADB) will invest 20 million lari (around $7.6 million) in Tegeta Motors Limited Liability Company\u2019s (Tegeta) inaugural 2-year and 6-month lari-denominated green bond, the first-ever such issuance on the Georgian Stock Exchange. Proceeds will finance the deployment of zero-emission light, road, and non-road electric vehicles (EV), and an expansion of Georgia’s EV charging network by 70 new stations.<\/p>\n
\u201cADB is Asia and the Pacific\u2019s climate bank, and this investment builds on our commitment to developing Georgia\u2019s capital markets through our climate and gender bond issuance,\u201d said ADB Director General for Private Sector Operations Suzanne Gaboury. \u201cThis is Georgia\u2019s first local currency-denominated approved green bond, and we expect it to spur further green bond issuances in Georgia and throughout the South Caucasus.”<\/p>\n
Green bonds are innovative financial instruments that promote transparency and accountability to investors, particularly in local currency. The proceeds are used exclusively to finance or refinance, partially or fully, new or existing projects with environmental or climate-related benefits. Tegeta\u2019s bond issuance is aligned with the International Capital Markets Association\u2019s Green Bond Principles while Sustainalytics provided Second-Party Opinion on the credibility of the bond issued.<\/p>\n
\u201cTegeta is dedicated to pioneering the issuance of lari-denominated green bonds to support Georgia\u2019s efforts to reduce greenhouse gas emissions and transition toward a more sustainable transport sector,\u201d said Tegeta Executive Director Vakhtang Kacharava. \u201cThis issuance reaffirms our commitment to environmental responsibility and sustainability, and actively contributes toward a climate-friendly future. We are thankful for ADB\u2019s support and assistance and are looking forward to continued collaboration with ADB in climate-themed investments.\u201d<\/p>\n
The investment was funded through ADB\u2019s issuance of the first supranational local currency green bond in the Georgian domestic market with a matching amount and tenor. The ADB bond was completed and certified under ADB\u2019s Green and Blue Bond Framework, its issuance was arranged by TBC Capital, and it was issued and settled through the National Bank of Georgia\u2019s Georgian Securities Settlement System.<\/p>\n
Tegeta, established in 1995, is Georgia\u2019s leading automotive products and services company with over 400,000 registered retail, 40,000 corporate, and 3,000 wholesaler clients through 28 service centers across the country.<\/p>\n
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members\u201449 from the region. S<\/strong><\/strong><\/span><\/p>\n","protected":false},"excerpt":{"rendered":" The Asian Development Bank (ADB) will invest 20 million lari (around $7.6 million) in Tegeta Motors Limited Liability Company\u2019s (Tegeta) inaugural 2-year and 6-month lari-denominated green bond, the first-ever such issuance on the Georgian Stock Exchange. Proceeds will finance the deployment of zero-emission light, road, and non-road electric vehicles (EV), and an expansion of Georgia’s […]<\/p>\n","protected":false},"author":797,"featured_media":148726,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1747,1736],"tags":[],"class_list":["post-148730","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-partner-en","has-thumb"],"yoast_head":"\n