EBRD will not allocate a 125 million USD financial resource to Rustavi Azot. The EBRD regional director Bruno Balvanera told BusinessContract that the company has not fulfilled the agreement-determined obligations and global market dynamics should be also taken into account.
“We were working jointly with Rustavi Azot and approved a large project. Its objective was to normalize situation with financial components. Agreement conditions were not fulfilled and we have decided to halt financing process. There were several reasons and global market dynamics was the key one. We know the company very well, but we does not know what will happen in the future”, Bruno Balvanera said.
We remind you that EBRD and Rustavi Azot signed the agreement in summer 2016. A 155 million USD package was to finance ammonium line production and rehabilitation. EBRD was to allocate 125 million USD from the mentioned sum, while Bank of Georgia was to allot 30 million USD.
As reported, several months ago Rustavi Azot was transmitted to EU Investment company.