Masatsugu Asakawa, the President of the Asian Development Bank (ADB), met with representatives of Tegeta Holding management. The ADB President was visiting Tbilisi in the frames of his first official visit to the Caucasus. Mr. Asakawa, the highest ranking person of the international organization, met with representatives of Tegeta after his meeting with the Government of Armenia, doing so in order to highlight the success of the ongoing partnership.
Tegeta Holding is the first company in the history of the region’s automotive industry to have issued green bonds, and the Asian Development Bank is its main investor. Placement of these bonds is also precedent-setting, as Tegeta was the first company in the Georgian capital markets to place green bonds in GEL.
Vakhtang Kacharava, CEO of Tegeta Holding: “Tegeta set another precedent this year by becoming the first company in the region to place green bonds in the capital market in GEL. It is especially important for us that the main investor of the project is the Asian Development Bank, and the meeting with Mr. Asakawa is a clear confirmation of our cooperation.
“We are pleased that the importance of this project was once again underlined by the ADB president and assessed as a successful cooperation. We discussed our partnership, as well as future development and our joint projects.”
ADB makes direct foreign investments in Tegeta Holding, being a company which has undertaken a commitment to further develop eco-transport within the framework of the existing emissions prospectus. The amount mobilized as a result of the bond, worth 20 million GEL, will be used entirely for green projects, highlighting Tegeta’s long-term interest in sustainable development. In the frames of this official meeting, the status of this project and enforcement of Tegeta’s obligations were also assessed.
Further, a number of prospects for Tegeta as a private business, one which is developing throughout the region, were determined.
Masatsugu Asakawa, the President of Asian Development Bank personally tested the environmentally friendly vehicles purchased by Tegeta Holding as part of the green bond prospectus. He drove an electric car to the ADB office in.
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Tegeta Holding is the largest automotive Georgian company in the Caucasus and Central Asia. The company offers customers a full range of automotive ecosystems, including light, heavy and construction. Further, commercial, passenger and industrial transport is available. Tegeta has 28 service centers countrywide. The holding conducts international trade on four continents. Tegeta exclusively represents auto brands Porsche, Volvo, Toyota and Mazda. The holding’s partners are truck and special equipment premium brands, among them MAN and JCB. Tegeta is the largest importer of more than 300 leading automobile brand products in Georgia, including Bridgestone, Michelin, Varta, Bosch, Shell, Motul, Pirelli and others. Tegeta Holding is today one of the largest employers in Georgia, with around 3,000 employees.
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