EBRD President Odile Renaud-Basso notes in a conversation with BMG, that Georgia needs to increase its port capacity and carry out modernization strategy. As she notes, there is another option for expansion, including construction of Anaklia Port.
“Georgia needs to expand its port capacity, which is a bottleneck for swift development of the middle corridor. There are several options for expansion, including expansion of already existing ports, development of dry ports, and of course the construction of the Anaklia port. The decision of which route to take rests with the Government, and should EBRD’s involvement in future projects be requested, we are happy to assess the bankability”, - EBRD President Odile Renaud-Basso notes.
Moreover, EBRD President Odile Renaud-Basso declares, that development of the middle corridor could indeed open new trade opportunities for the Caucasus and for Central Asia. It would increase growth potential of countries along the corridor and support development of logistics and transport hubs in the Caucasus.
In addition, EBRD President Odile Renaud-Basso declares, the EBRD is here to help Georgia build a green, low carbon and resilient economy through investments and policy dialogue and we are currently investing with a number of domestic and international private investors in a variety of renewable projects.
“We are here to help Georgia build a green, low carbon and resilient economy through investments and policy dialogue and we are currently investing with a number of domestic and international private investors in a variety of renewable projects. At the policy level, among other projects, we have helped Georgia develop its energy efficiency legislation. Our work contributed to an estimated 9% decrease in the energy intensity of Georgia’s GDP, which is now well below world and regional averages.
With regards to Namakhvani HPP, we would like to stress that the EBRD was not involved at any stage of this project. As for our experience, we can speak only for the EBRD. All our projects are subject to thorough due diligence which goes well beyond mere business considerations. Our projects also have to pass a multi-layered vetting and approval process before final sign-off by our shareholders, i.e. the governments owning the EBRD.
Our involvement does not stop there: the Bank’s Environmental and Social Department consistently engages in careful monitoring, and investigation. It also remains responsive to all stakeholders until the completion of the project. Our mechanisms are constantly evolving, and we are confident that they are up to the standard to address any environmental, social, and public disclosure concerns in timely manner in both, larger and smaller projects.
Therefore, we are set to continue to explore the opportunities to invest in renewables, be it small and medium-sized hydro, solar, or wind power plants. For instance, we are currently working on investing in the construction of a large wind power plant”, - the EBRD notes.
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