Between the European Bank Reconstruction and Development” (EBRD) and the Rustavi Azot LLC the agreement is being signed.
Thus, $155 million financing package will be fully spent on Georgian fertilizer production company “Rustavi Azot” in order to generate ammonium production line and rehabilitation. As a result, energy consumption will be reduced by 30%.
At the company it was explained that in the Rustavi Azot the production capacity will increase and its export potential will double. The Partnership Fund was also participated in the completion of the agreement.
From $155 million financing, EBRD grants $125 million, and the Bank of Georgia allocates $30 million only for refinancing.
Specifically, from $125 million EBRD issued fund 50 million is EBRD’s own resources, $25 million comes from Dutch bank FMO, whereas $50 million is granted from East West United Bank located in Luxembourg.
At this point, there are 2200 employees in Rustavi Azot LLC company. Therefore, the annual production amounts to 500 000 tons of nitre and 220 000 tons of ammonium.