EBRD Issues €217 million to GOGC to Refinance Corporate Eurobond

The Project is a senior unsecured loan of EUR 217 million to JSC Georgian Oil and Gas Corporation ("GOGC" or the "Company"), a major Georgian electricity and natural gas supplier, to refinance a USD 250 million corporate Eurobond maturing in April 2021.

The Project is a response to the COVID-19 pandemic which caused significant shocks on the financial markets and an economic downturn in Georgia.  A comprehensive Technical Cooperation ("TC") package will encompass sector reform, corporate-level improvements focused on climate corporate governance and supporting the role of women in technical positions in the energy sector as well as a TC to identify and quantify the investment requirements in the country to generate and transport green hydrogen as well as to upgrade the Company's assets to transport the blended hydrogen to end users domestically or regionally.