GOGC: Essential Infrastructure Support (EBRD-52188)

Countries
  • Georgia
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jul 23, 2020
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
JSC Georgian Oil and Gas Corporation
The holder of the loan, grant, or other investment.
Sectors
  • Energy
  • Technical Cooperation
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 251.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 217,000,000.00
Converted using 2020-07-23 exchange rate.
Project Cost (USD)
$ 251.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Bank Documents
Primary Source

Original disclosure @ EBRD website

Updated in EWS Oct 1, 2020

Disclosed by Bank Sep 22, 2020


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Project Description

According to the Bank's website, the project provides finances to the Georgian Oil and Gas Corporation to fund sectoral reform and corporate level improvements. 

Technical cooperation package will be provided to 

  • TC1: Identify and quantify the investment requirements in Georgia to generate green hydrogen as well as to upgrade the Company's assets to transport the blended hydrogen to end users.
  • TC2: Implement policy-advisory support for the development of a gas exchange in Georgia.
  • TC3: Develop and support the adoption of an action plan to improve the Borrower's climate corporate governance, reflecting Task Force for Climate Related Financial Disclosures recommendations.
  • TC4: Develop and implement an Equal Opportunity Action Plan to support the role of women in technical positions in the energy sector.

 

The project is a response to the COVID-19 pandemic. 

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Private Actors
Contact Information

PROJECT CONTACT INFORMATION

Omar Ogbiadze
o.ogbiadze@gogc.ge
+995322244040
+995322244041
www.gogc.ge
0190, Tbilisi, Georgia 21 Kakheti Highway

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html