The Asian Development Bank (ADB) has invested 41 million Georgian lari (approximately $15.2 million) as an anchor investor in Tegeta Holding’s sustainability-linked bonds (SLBs), marking the first SLBs issued in Georgian lari (GEL). This milestone supports sustainable transport and green mobility in the South Caucasus region, with the proceeds financing projects to reduce carbon emissions and promote cleaner transport in Georgia and Armenia. The bond issuance, totaling GEL 260 million (about $95.7 million) on the Tbilisi Stock Exchange, ties financial terms to specific environmental and social targets, including modernizing Tegeta’s low-emission vehicle fleet and enhancing environmental, social, and governance (ESG) standards.
ADB’s involvement helped mobilize the bond issuance and advance Georgia’s capital markets. Lesley Bearman Lahm, ADB Country Director for Georgia, noted that this investment not only supports green transport but also sets an important precedent for low-carbon-aligned investments across the Caucasus. An independent review by Sustainalytics, funded through an ADB program, certified Tegeta’s SLB framework in accordance with the International Capital Markets Association’s SLB principles.
Tegeta CEO Ekaterine Kavtaradze highlighted that the SLBs accelerate the company’s transition to a green fleet and strengthen its leadership in sustainable transport. Tegeta has pioneered sustainable finance in Georgia, having introduced the country’s first local-currency green bonds in 2023 and now the first local-currency SLBs in 2025. Through these initiatives, Tegeta and ADB are driving industry modernization, embedding ESG principles into business practices, and promoting low-carbon-aligned growth in the region.
ADB has been Georgia’s largest multilateral development partner since 2007, providing $5 billion in loans, grants, and technical assistance, including about $1 billion allocated to the private sector. The Bank’s five-year country partnership strategy aims to support Georgia’s development as a green and inclusive regional gateway, fostering investments, policy reforms, capacity building, resilient infrastructure, and regional integration.
Founded in 1966 and owned by 69 members, including 50 from the Asia-Pacific region, ADB is a leading multilateral development bank that promotes inclusive, resilient, and sustainable growth across Asia and the Pacific. By leveraging innovative financing tools and strategic partnerships, ADB works to transform lives, develop quality infrastructure, and safeguard the environment.
