On April 12 the National Bank of Georgia agreed on working together with the International Finance Corporation (IFC) and the Sustainable Banking Network (SBN) on the Sustainable Finance Roadmap (SFR) for Georgia, reports GeorgiaToday.
The SFC should serve as a guide to help the financial sector improve the management of social, environmental and governance risks. The roadmap will also aid in the planning more capital to sectors and projects that have environmental and social benefits. It aims to provide a valid, predictable and stable regulatory framework to prepare the market for transitioning to more sustainable finances. The best practices of SBN’s 36 member countries will be used for the draft of the roadmap.
“The new roadmap puts together policy actions that we have been implementing since 2017 to promote transparency and the integration of environmental, social and governance issues into investment decision-making and risk management processes,” said Head of the National Bank of Georgia, Koba Gvenetadze.
The IFC is a sister organization of the World Bank and member of the World Bank Group. It is the largest global development institution focused exclusively on the private sector in developing countries. The IFC provides financial resources, technical expertise, global experience, and innovative thinking in the fields of agribusiness, financial institutions, health and education, infrastructure, manufacturing, energetics, public-private partnerships, media and tourism.
Georgia has been an IFC member and shareholder since 1995. During these 24 years of membership, IFC has provided around $1.88 billion for long-term financing. $980 million of this were used to fund 60 different projects in agribusiness, manufacturing, infrastructure and financial services.
