IFC Supports Real Estate Development in Georgia by Partnering with Georgian Reconstruction and Development Company
IFC, a member the World Bank Group, will invest in the Georgian Reconstruction and Development Company’s real estate development projects, which will address Georgia’s increasing demand for quality commercial and residential real estate infrastructure in urban areas. The $48 million debt financing will also help create jobs and contribute to growth.
With IFC’s financing, GRDC will implement up to seven real estate development projects, most of which are in the capital city of Tbilisi and are at an advanced stage of preparation, spanning commercial, residential, and mixed-use sectors.
“For the past four years, Tbilisi has seen improved commercial and residential facilities due to recent construction and renovation,” said Mamuka Khazaradze, GRDC’s President. “IFC is helping GRDC contribute to better real estate infrastructure by matching new growth with upgraded facilities that cater to consumers looking for both quality and value.”
“Supporting GRDC will help develop important real estate urban infrastructure in Georgia. This will have a catalytic effect on the domestic economy, as well as make the country more attractive for foreign direct investments,” said Edward Nassim, IFC Regional Vice President.
The facility was arranged by Argo Saint George LLP (ASG), corporate finance adviser with offices in London and Tbilisi. ASC focuses on advising and raising debt and equity for enterprises in Georgia, it has arranged over $150 million of financing for Georgia in the last twelve months.
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