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Georgia : EBRD provides $65 million for expansion of gas stations in GEORGIA

June 9, 2014

The European Bank for Reconstruction and Development (EBRD) declared that it will provide funding for the expansion of gas stations in Georgia.

EBRD delivered loan worth $65 million under the agreement completed with Georgia based Wissol. This loan will be utilized to bolster gas stations that will propose environmentally friendly restricted natural gas. The project will allow the inaugural of up to 38 gas stations.

According to the Chairman of the Supervisory Board of Wissol Group, Soso Phadadze, about $40 million worth loan will be provided by the EBRD, while $25 million will deliver from the Dutch development bank.

Phadadze stated "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."

"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.

"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 further added.

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Source: TendersInfo (India)

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