IFC and EBRD to Boost Development of Georgia’s Real Estate Infrastructure
IFC in Tbilisi:
Thea Gigiberia
Phone: +995 32 913 096
E-mail: TGigiberia@ifc.org
Tbilisi, Georgia, December 2, 2008—IFC,
a member of the World Bank Group, and the European Bank for Reconstruction
and Development are supporting infrastructure development projects in Georgia
to help improve real estate infrastructure, create jobs, and promote economic
growth. The two institutions have made initial disbursements of $8.5 million
each under respective loan agreements with the Georgian Reconstruction
and Development Company to finance the renovation of the Tbilisi Central
Railway Station.
This initiative is a part of a framework agreed in 2007 to provide the
Georgian Reconstruction and Development Company with up to $48 million
in debt financing to fund real estate development projects, including the
modernization of the central railway station, which is expected to benefit
about a million travelers annually. The framework will also help the company
meet Georgia’s increasing demand for quality commercial and residential
real estate infrastructure in Tbilisi.
“In spite of the global economic crisis, we continue to mobilize investments
for critical infrastructure projects like the Tbilisi railway project,”
said Mamuka Khazaradze, President of the Georgian Reconstruction and Development
Company. “I would like to express my gratitude to IFC and EBRD for their
support during 10 years of cooperation.”
Michael Davey, EBRD Director for the Caucasus, Belarus and Moldova, said,
“We look forward to supporting GRDC’s aim to develop real estate infrastructure
in Tbilisi according to international standards, while fully respecting
the existing architecture. The initiative will have a strong demonstration
effect for investors seeking to attract international financing to this
booming sector.”
Snezana Stoiljkovic, IFC Director for Central and Eastern Europe, said,
“In these challenging times, IFC will continue to support long-term clients
that are operating in sectors which are critical for Georgia's sustainable
development. In partnership with other international financial institutions
like EBRD, we will help promote the country’s economic growth.”
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to
escape poverty and improve their lives. We foster sustainable economic
growth in developing countries by supporting private sector development,
mobilizing private capital, and providing advisory and risk mitigation
services to businesses and governments. Our new investments totaled $16.2
billion in fiscal 2008, a 34 percent increase over the previous year. For
ore information, visit www.ifc.org.
For more information about IFC’s partners, please visit:
European Bank for Reconstruction and Development, www.ebrd.com
Georgian Reconstruction and Development Company, www.grdc.ge
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