The Asian Development Bank (ADB) has pledged $40 million to Georgia Global Utilities JSC (GGU) in a groundbreaking green bond issuance, the largest made by a private company in the European country.
This certified green bond will fund the modernization of Tbilisi’s water supply infrastructure, which will benefit around 1.4 million residents of the Georgian capital.
ADB’s anchor investment in GGU’s green bond will boost international confidence in Georgia’s capital market and enhance the country’s climate resilience.
ADB Director General for Private Sector Operations Suzanne Gaboury
ADB’s commitment includes $20 million from its resources and another $20 million from Leading Asia’s Private Sector Infrastructure Fund 2 or LEAP 2, which is jointly managed by ADB and the Japan International Cooperation Agency (JICA). This investment is a key part of GGU’s $300 million, five-year bond issuance, supported by other major financiers such as DEG, the European Bank for Reconstruction and Development, and the International Finance Corporation.
“ADB’s anchor investment in GGU’s green bond will boost international confidence in Georgia’s capital market and enhance the country’s climate resilience,” said ADB Director General for Private Sector Operations Suzanne Gaboury, who added the investment marked the start of a partnership with FCC Aqualia and strengthened ADB’s ties with Georgia Capital.
FCC Aqualia’s Chief Financial Officer Isidoro Marbán underscored the bond’s significance: “GGU’s green bond aims to finance critical investments that will improve Georgians’ access to safe and reliable water while supporting the country’s adaptation to climate change.”
This green bond, certified by Det Norske Veritas, complies with the International Capital Markets Association’s Green Bond Principles, ensuring that it finances only projects aligned with climate goals. Since 2011, ADB has invested more than $800 million in Georgia’s water sector, helping to bolster the country’s climate resilience.
