The European Bank for Reconstruction and Development is the latest contributor to Georgia's 280 megawatt hydro power station with $200 million, announced the bank's president, Thursday.
The European Bank for Reconstruction and Development, EBRD, and state-owned shareholding company Partnership Fund will work together to take part in the funding of the $1 billion project, President Suma Chakrabarti said during the EBRD's business forum in Tbilisi, according to local media.
Korean company K Water and Partnership Fund representatives had signed an agreement to launch the development and the construction works of the Nenskra Hydro Power Plant in December 2014.
The project is planned to produce 1.2 billion kilowatts of electricity per hour annually with a completion date of 2019.
'The hydropower sector is one of the priorities for us,' said Chakrabarti, according to the Georgian government initiated Agenda.ge news website.
The International Finance Corporation, a member of the World Bank Group, has also been assisting the Partnership Fund in an advisory capacity throughout the creative process to bring the project to realization.
The Nenskra Hydro Power Plant will be constructed on the Nenskra River in Upper Svaneti, a mountain region in the north of Georgia.
By Zeynep Beyza Karabay
Anadolu Agency
zeynep.karabay@aa.com.tr