EBRD opens information technology hubs in Georgia and Azerbaijan

Published in Economics
Monday, 23 January 2023 13:44
Delighted to have launched IT Hubs in Azerbaijan and Georgia, where we are now supporting the training of 280 students for their future employment with international ICT companies.
The programme will boost the regional development, supporting the youth, and in case of Georgia, internally displaced persons and refugees from Ukraine.
For Azerbaijan, this is the first project to be funded through a bilateral donor agreement between the Bank and the Government of Azerbaijan.
We are implementing this project in partnership with Georgia’s Innovation and Technology Agency and the Centre for Coordination and Analysis of the Fourth Industrial Revolution Azerbaijan.

EBRD to support upgrade of up to 12 metro stations in Tbilisi

Published in Economics
Thursday, 19 January 2023 11:42

The European Bank for Reconstruction and Development (EBRD) will provide Tbilisi Transport Company with a  loan of up to €50.6 million for financing the upgrade of up to 12 metro stations.

The agreement was signed on 17 January in the Georgian capital during a visit by Mark Bowman, vice President for Policy and Partnerships at the EBRD.

The new loan is a continuation of a broader effort, some of which aims to encourage people to switch from private to public transport. Improved lighting and ventilation and more energy-efficient escalators will improve the daily journeys of Tbilisians, while an overhaul of drainage systems will make the network more resilient to climate change.  

With a population of 1.2 million, Tbilisi was one of the first cities to join the EBRD’s flagship Green Cities programme, which supports members in addressing their environmental challenges through sustainable investments and policies. The city was also one of the first to develop a Green City Action Plan (GCAP)

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Press release

Georgia Receives Around €55.6 Million from EBRD to Modernize Metropolitan Transport in Tbilisi

Published in Economics
Wednesday, 18 January 2023 11:10

Agreements were signed today by and between Georgia and European Bank for Reconstruction and Development (EBRD) envisaging the modernization of metropolitan transport in Tbilisi.
Loan and Grant Agreements were signed by H.E. Lasha Khutsishvili, Minister of Finance of Georgia and Mark Bowman, EBRD Vice President for Policy and Partnerships during his working visit to Georgia held within the scope of a Caucasus Tour.
Financial resources in the volume of around 55.6 million Euros will be used for the rehabilitation of underground metropolitan stations in Tbilisi and refurbishment of escalators.
Project will be implemented by the Mayor’s Office in the Municipality of Tbilisi through Tbilisi Transport Company (TTC).
Mark Bowman, EBRD Vice President for Policy and Partnerships is visiting Georgia together with Matteo Patrone, EBRD Managing Director for Eastern Europe and the Caucasus (EEC).
This visit was preceded by a series of meetings held by H.E. Odile Renaud-Basso, EBRD President in Tbilisi in September 2022.
The current visit aims to review the upcoming projects of EBRD to be implemented both in the private and public sectors of the country.

Top EBRD officials to visit Armenia, Georgia and Azerbaijan

Published in Economics
Monday, 16 January 2023 11:14

European Bank for Reconstruction and Development (EBRD) Vice President for Policy and Partnerships Mark Bowman and Managing Director for Eastern Europe and the Caucasus Matteo Patrone will tour the Caucasus from 16 to 19 January, first visiting Armenia, then Georgia, before concluding their trip in Azerbaijan.  

The purpose of the trip is to discuss upcoming projects in both the private but also public sectors. Discussions on financial resilience, policy reform and the preparation for the Bank’s upcoming new country strategies are also on the agenda. 

The visit follows EBRD President Odile Renaud-Basso’s recent tour of the Caucasus in September. 

In all three countries, the delegation will meet the political leadership, diplomats, international development partners, leaders of the business community and the Bank’s existing partners. 

While in Tbilisi, Mark Bowman is also expected to sign a sovereign loan agreement with the Ministry of Finance of Georgia for the rehabilitation and upgrade of up to 12 metro stations in the capital. 

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Press release

EU and EBRD support issue of US$80 million green bond on Georgia’s capital market

Published in Economics
Monday, 07 November 2022 11:15

The European Union and the European Bank for Reconstruction and Development (EBRD) have announced the first winner who will receive a grant through their capital market support programme. 

Georgia Renewable Power Operations’s  (GRPO) US$ 80 million green secured bond will become the largest transaction, as well as the first ever green bond issued on Georgia’s capital market.

The company will receive a contribution from the European Union to co-finance issuance related fees, and the support mechanism will be implemented by the EBRD.

“I believe the programme will catalyze green and sustainable bond issuances in the country and incentivise renewable energy developers to align with high Environmental, Social and Governance standards. We are extremely proud to be pioneers in this regard and to contribute towards the development of the Georgian renewable energy sector,” said Nuka Mshvidobadze, GRPO’s chief financial officer.

The EU-funded Capital Market Support Programme aims to facilitate capital market development in Georgia, through the implementation of educational activities as well as the support mechanism.

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Press release

Irakli Garibashvili, Prime Minister of Georgia Holds Online Meeting with Odile Renaud-Basso, President of EBRD

Published in Politics
Thursday, 03 November 2022 10:01

Irakli Garibashvili, Prime Minister of Georgia held an online meeting with Odile Renaud-Basso, President of the European Bank for Reconstruction and Development (EBRD) today. Dignitaries spoke about the successful cooperation and avenues of future interaction between Georgia and EBRD.

The Head of Government of Georgia noted that EBRD is not only a loyal partner of Georgia, but has had a great contribution in the democratic development of the country. Most significant role of the EBRD in addressing the difficulties witnessed in the post-pandemic period was noted at the meeting.
Dignitaries also discussed the specific directions of sectoral cooperation, including the energy security and energy independence of the country, projects of regional importance aimed at the increase of power energy generation through exclusive green/renewable sources, Black Sea connectivity, various infrastructure projects, economic and structural reforms, strengthened role of the private sector, human capital and other.
The Prime Minister of Georgia expressed hopes towards continuing the existing fruitful cooperation. It was noted that support of the EBRD is priceless in the funding of priority areas of the country.
EBRD has so far invested over 4.9 billion Euros through 270 projects in Georgia, out of which a lion’s share is concentrated in the private sector of the country. Georgia is one of the largest beneficiaries of the EBRD.
Meeting was attended by the following officials of the EBRD: Klara Krol, Member of the Board of Directors Representing the Czech Republic, Hungary, Slovak Republic, Croatia and Georgia; Thomas Revial, Director of the President’s Office; Matteo Patrone, Managing Director for Eastern Europe and the Caucasus; Catarina Bjorlin Hansen, Regional Director for the Caucasus; Oleksandr Pavlyuk, Associate Director and Senior Political Counsellor; Tea Melikadze, Senior Banker; Francesca Foglia, Adviser in the President’s Office; David Managadze, Principal Banker for Power and Energy; Nina Davitashvili, Moderator of the Meeting. Georgian attendees included: Levan Davitashvili, Deputy Prime Minister and Minister of Economy and Sustainable Development; Lasha Khutsishvili, Minister of Finance and Revaz Javelidze, Head of Government Administration.
Press Service of the Government Administration

EBRD commits up to €3 billion to Ukraine

Published in World
Monday, 24 October 2022 15:09

The European Bank for Reconstruction and Development (EBRD) will commit up to €3 billion over 2022-2023 to help Ukraine’s businesses and economy keep functioning.  

On a visit to Kyiv, EBRD President Odile Renaud-Basso told Ukrainian President Volodymyr Zelenskyy of the Bank’s determination to support Ukraine while it defends itself against Russia’s aggression. 

Since the invasion began in February, the EBRD has committed more than €1 billion, and aims to triple that figure by the end of 2023. Its primary focus will be to support the “real” economy – maintaining energy and food security, restoring rail infrastructure, and supporting the pharmaceutical industry.

EBRD investment has already been made into Ukraine’s electricity company Ukrenergo, as well as providing up to €500m liquidity support for ‘Naftogaz’, the country’s main gas supplier. Discussions are also underway to scale up funding for urgent repairs of the electricity grid and to support municipal authorities in Kyiv, Lviv and Dnipro, says the EBRD.

EBRD investments are backed by donors or guarantors from EU and G7 countries, including the US. Norway recently pledged  €200m in support. 

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Press release

Irakli Garibashvili, Prime Minister of Georgia Meets Praveer Sinha, CEO of Tata Power

Published in Politics
Thursday, 20 October 2022 15:09

Irakli Garibashvili, Prime Minister of Georgia met Praveer Sinha, Chief Executive Officer (CEO) of Tata Power today.

Dignitaries reviewed the large investments carried out and intended in the energy sector of Georgia, along with prospects of future cooperation.
It is worth noting that together with a Norwegian Clean Energy Invest AS, Tata Power is an owner of Adjaristsqali Georgia LLC (AJL). It is the largest investor in the energy sector of the country. Company has invested over 550 MLN UISD in the construction of cascades at Shuakhevi Hydro Power Plants (HPP) with a capacity of 187 MGWT.
Shuakhevi HPP will increase the generation of power energy by almost 5% in the country. It will increase the energy security of Georgia and facilitate the quest towards energy independence. Project is funded by the following 3 largest financial institutions: European Bank for Reconstruction and Development (EBRD), Asian Development Bank (ADB) and International Financial Corporation (IFC) of the World Bank Group (WBG).
According to the Head of Government of Georgia, large-scale projects implemented in the energy sector of the country ensure energy independence and security, which will stimulate the economy and create new employment opportunities in Georgia.
It is worth noting that over 1000 individuals were employed in the construction phase of Shuakhevi HPP, out of which majority were local residents, while almost 100 people are currently employed in the operation phase.
Tata Group is one of the leading companies of the world, which operates in 100 countries of 6 continents. It employs 935 000 individuals worldwide. Tata Power is one of the largest companies within the Tata Group.
Press Service of the Government Administration

Georgia: EBRD and EU to unlock funds for locals firms through Bank of Georgia and TBC Bank

Published in Economics
Monday, 19 September 2022 10:50

European Bank for Reconstruction and Development (EBRD) President Odile Reno-Basso, on a visit to Georgia, has signed agreements with two Georgian banks on loans to local small businesses.

The EBRD will provide new US$ 20 million loans to Bank of Georgia and to TBC Bank to help local firms across the country increase competitiveness and invest in upgrades, including green technologies. 

This funding comes under the EU4Business-EBRD Credit Line – a flagship programme that enables borrowers to enhance production and trade more successfully on the international market, as well as advance environmental practices.

MSMEs can access funds in local currency and benefit from incentive grant funding, as well as technical assistance from international advisers, funded by the EU under the EU4Business initiative. Georgian companies will be able to improve their productivity, competitiveness and working environment for their employees.

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Press release on the loan to the Bank of Georgia

Press release on the loan to the TBC Bank

EBRD President to visit Azerbaijan, Georgia and Armenia

Published in Economics
Monday, 12 September 2022 10:16

The President of the European Bank for Reconstruction and Development (EBRD), Odile Renault-Basso, will tour the Caucasus next week, from 12 to 16 September, to meet senior government officials and business clients and partners. She will first visit Azerbaijan, then Georgia, before finishing in Armenia.

This is her first in-person visit to the region since assuming office in late 2020.

Prior to her departure, the EBRD President held virtual meetings with a diverse group of Azerbaijani, Georgian and Armenian civil society representatives.

In Baku, in addition to important meetings, the EBRD President will sign the agreement for the Bank’s second Green City project in Azerbaijan and launch a joint project with AzPromo, the national investment promotion agency, aimed at stimulating the telecommunications, media and technology sector in the country.

In Tbilisi, Odile Renault-Basso will hold different meetings and sign loan agreements with long-standing partners in the financial and healthcare sectors.

The EBRD President will conclude her trip in Yerevan, where she will meet Armenia’s political leadership and the EBRD’s partners. Renaud-Basso will also visit the Centre for Creative Technologies (TUMO), where she will meet leaders of Armenia’s hi-tech sector, and attend celebrations for the 15th anniversary of the EBRD-supported Investment Council of Armenia.

I am very much looking forward to visiting the Caucasus, where the Bank has achieved some remarkable results during its 30 years of operation. Despite its size, the region remains an important investment destination for us, one where we have already invested more than €10 billion,” said Renaud-Basso prior to her visit.

Find out more

Press release

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