Georgian Partnership Fund, IFC sign deal
Georgian Partnership Fund and the International Finance Corporation (IFC) signed a contract to participate in the construction of the Nenskra Hydroelectric Power Plant (HPP).
Under the agreement, the IFC will provide the Partnership Fund with consultations in the development of the project's structure, contract and financial documentation project and in the negotiations with investors.
"We want all the major infrastructure projects, which will be implemented together with private investors, to be carried out in line with international standards," Partnership Fund's CEO Irakli Kovzanadze said.
The IFC will assess the investors' proposal during implementation of the Nenskra project, as well as, prepare the legal, commercial and financial structure of the deal, Kovzanadze said.
The 210-megawatt Nenskra HPP will be built in Georgia's Svaneti region on the Nenskra River. Its potential power is 1.3 billion kilowatt/hour, the investments on it stand at $570 million, and its construction period is five years.