Revolving Fund

In the framework of Georgian-Norwegian co-operation programme “Energy Efficiency and Cleaner Production in Industry”, in 2003, was founded Revolving Fund (RF) for financing energy saving and environmental improvement projects.

The aim of Revolving fund is to support realization of commercial EE&CP projects in industrial enterprises and the repayments to the Fund will be used as loans for implemented new CP and EE measures in the future.

For attaining this purpose RF will:

a) Give a loan for investigation under 2000 USD cost projects (micro loan);

b) “Project Financing” from the 2000USD and up word’s.

It was decided that the sum of a loan will fixed in USD, but repayment will be in local currency, using exchange rate of National bank for the transaction day. Bank charges and other expenses should be paid by the borrower. For starting project, it’s not necessary to rent movable or immovable properties of the company and equipment, which will be bought from RF, will stay in EEC property, until the full repayment of loan and its interest. Also, EEC will be a general contractor for planning and implementing projects. For these services the applicant company should pay to the Centre.
Nine companies out of 14 participant of EE&CP program used RF and received small loans for implementation of EE&CP measures. For today’s information companies saved 311 698 USD.