At least something positive

The International Finance Corporation and the European Bank of Reconstruction and Development have made an initial disbursement of USD 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 step is a part of an IFC decision taken in 2007 to provide the GRDC with up to USD 48 million in debt financing to fund real estate development projects.

Mamuka Khazaradze, President of GRDC, told journalists at a press conference at the Courtyard Marriot hotel that in spite of the economic crisis the company managed to mobilize its investments to enable it to continue with its construction works and its plans to finish the project in due time. He also described further projects to be undertaken, including one at 6 Liberty Square.

Michael Davey, EBRD Director for the Caucasus, Belarus and Moldova, confirmed the commitment of the bank to assist developing real estate infrastructure in Tbilisi according to international standards. Country representative of IFC in Georgia Thea Gigiberia also expressed its support of GRDC activities.

In response to a question from The Messenger, Mamuka Khazaradze mentioned that even during the crisis period workers on the GRDC railway project did not abandon their posts and the construction continued.