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EBRD: No Financial Aid will Be Allocated to Rustavi Azot

EBRD regional director Bruno Balvanera says that no financial aid will be allocated to Rustavi Azot.

“We were discussing the issue of financing Rustavi Azot. However, taking into account the earlier prices of fertilizers, we have decided not to prolong financial aid. We have no plans to provide further support to the company. Even more so the price of ammonia fertilizer has increased and currently the company is profitable”, Balvanera said.

We remind you that Rustavi Azot, member of Loyal Capital Group, and EBRD signed an agreement in summer 2017. The financial package of 155 million USD was approved for promotion of ammonium production line and rehabilitation. 125 million USD from the mentioned amount was allocated by EBRD for refinancing and the remaining part was issued by Bank of Georgia.

125 million USD loan was allocated by the following institutions: EBRD – 50 million USD, FMO – 25 million USD and East West United Bank – 50 million USD.