On Friday, April 12, IFC – a sister organization of the World Bank and the World Bank Group member – and the National Bank of Georgia agreed on working together to launch the Sustainable Finance Roadmap, a guide to helping the financial sector improve the management of social, environmental and governance risks. The roadmap will also be an aid in planning the direction of more capital to sectors and projects that have benefits in environmental and social fields.
IFC, together with the Sustainable Banking Network (SBN), helped the National Bank of Georgia create the new roadmap outlining the future actions the bank should undertake to support Georgia’s sustainable finance development. The roadmap aims to provide a valid, predictable and stable regulatory framework to prepare the market for transitioning to sustainable finance. The Sustainable Finance Roadmap references best international practices from 36 SBN member-countries from emerging countries.
“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 Governor of the National Bank of Georgia, Koba Gvenetadze.
Georgia has been an IFC member and shareholder since 1995. During these 24 years of membership, IFC has provided around $1.88 billion in long-term financing, $980 million of which was mobilized into 60 different projects in agribusiness, manufacturing, infrastructure and financial services.
