Asian Development Bank invests $7.6mln to expand electric vehicle use, charging networks in Georgia

The Asian Development Bank on Tuesday announced it would allocate ?20 million ($7.6mln) for deployment of zero-emission light, road, and non-road electric vehicles, and expansion of charging networks in Georgia by 70 new stations, Azernews reports, citing Agenda.

The money will be invested in inaugural two-year and six-month lari-denominated green bonds of Tegeta Motors, one of Georgia’s leading automotive products and services companies, the ADB said.

ADB is Asia and the Pacific’s climate bank, and this investment builds on our commitment to developing Georgia’s capital markets through our climate and gender bond issuance”, Suzanne Gaboury, the ADB Director General for Private Sector Operations, said.

Tegeta Executive Director Vakhtang Kacharava said the company was “dedicated to pioneering” the issuance of the green bonds to support domestic efforts to reduce greenhouse gas emissions.