EBRD to Support Enguri HPP Rehabilitation

Within the Climate Resillience Upgrade Project, an agreement between the European Bank for Reconstruction and Development and the Georgian Government was signed today, by Minister of Finance of Georgia Mamuka Bakhtadze and EBRD Director for the Caucasus, Moldova and Belarus, Bruno Balvanera; following which, European Bank for Reconstruction and Development is to provide the financial resource of $28 million for the Enguri Hydro Power Plant rehabilitation. 

“Our relations with EBRD are truly exemplary, as EBRD supports us in such spheres as energy, transport, tourism, water supply. Today we’ve signed an agreement on Enguri Hydro Power Plant rehabilitation, with Enguri HPP being critically important to our economy”, Mamuka Bakhtadze, Minister of Finance of Georgia stated, after the agreement signing. 

“This is about the maintenance of Enguri HPP; the grant is $28 million. We are very happy, the first week of the year and we already have a new commitment, new activity with Georgia,” Bruno Balvanera, EBRD Director for the Caucasus, Moldova and Belarus said, further noting that in 2017 EBRD had a record activity in Georgia, close to 300 million, 50 million more than the previous year. “The most impressive is that we participated in 20 new transactions as opposed to 15 from the previous year, so we are very happy about our involvement in Georgia, and also about the economic performance of the country”, Mr. Bruno Balvanera said.

By Nino Gugunishvili