EBRD focuses on supporting the private sector in Georgia

Thu 08 Aug 2019 18:32 GMT | 22:32 Local Time

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The European Bank for Reconstruction and Development (EBRD) focuses on supporting the private sector in Georgia through innovation, expansion of markets through inter-regional connectivity, resource efficiency, and development of local currency and capital markets, TBC Bank of Georgia told Trend.

According to the bank, until today, EBRD has invested €3,377 million in 198 projects in Georgia, 79 percent of which belongs to the portfolio of the private sector.

"Currently, there are 82 active portfolio projects, for which a total of €839 million have been allocated. They include, among others, Nenskra HPP, for which EBRD provided $214 million, and Enguri HPP Climate Resilience Upgrade, for which EBRD allocated $28 million. These projects aim at the construction and rehabilitation of hydropower plants," the TBC Bank said.

According to the bank, with support from EBRD in the amount of $60 million, Georgia Capital Eurobond initiates the first-ever Eurobond to be issued in Georgian lari.

As reported, in addition to these projects, the government of Georgia together with the private sector and international organizations including ADB, WB, and the KfW development bank, operates other programs.

Among them, the most important s Anaklia deep seaport and city (with a total estimated investment of $2.5 billion), which will serve trade traffic between the EU and Asia and shall be complete 2020. Furthermore, large projects are being implemented to connect the Caspian and the Black Sea with international transport infrastructure to strengthen Georgia’s role as a strategic gateway between Europe and Asia.

"By the beginning of 2020, production of electric cars will be launched in Kutaisi, making the country the first electric car manufacturer in the region. Besides an electric car factory, the new industrial complex will also include a factory for solar panels and other high-tech factories, making it one of the most important hubs in the region", the TBC Bank said.

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