News Column

EBRD allocates $65 million to Georgian company to expand gas stations infrastructure

June 6, 2014



Tbilisi, Georgia, June 6

By Nana Kirtzkhalia - Trend:

The European Bank for Reconstruction and Development (EBRD) will finance the expansion of gas stations in Georgia.

Under the corresponding agreement, executed with the Georgian company Wissol on June 6, EBRD allocated a syndicated loan worth $65 million worth to it.

This loan will be used to expand gas stations that will offer environmentally friendly compressed natural gas. Up to 38 gas stations will be opened under this project.

Some $40 million worth loan will be allocated by the EBRD, while $25 million will come from the Dutch development bank, according to the Chairman of the Supervisory Board of Wissol Group, Soso Phadadze.

"Wissol became the first Georgian company to receive a syndicated loan. This is an important event not only for us, but also for the country's economy in general. We are proud of being the first Georgian company in the corporate sector to receive a syndicated loan," Phadadze said.

"This project will allow us to create more jobs, to offer cleaner and safe fuel and to improve the energy efficiency in our daily activities," he added.

EBRD Regional Director for Caucasus, Moldova and Belarus, Bruno Balvanera pointed out that the project is important for three reasons.

"The first, we will assist the local company to develop the network and infrastructure, the second, we made the international loan market available for the local company, and the third, through this company we will bring a safer and environmentally friendly product, the natural gas to the Georgian market," he stressed.

Georgia's Economy Minister Giorgi Kvirikashvili attended the signing ceremony.

Edited by CN

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Source: Trend News Agency (Azerbaijan)


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