Georgia, Tbilisi, July 29 / Trend, N. Kirtskhalia /
European investors purchased 87.2 percent of Georgian Railways' eurobonds in mid-July. The purchase amounted to $250 million. According to the Georgian government, 40.4 percent were purchased by UK investors, 20.9 percent by Swiss investors, 25.9 percent by other European investors, 6.5 percent by Georgian investors, 6.1 percent by offshore companies, and 0.2 by Asian investors.
The institutional breakdown of the investors was as follows - investment organizations (59.4 percent), banks (27.1 percent), hedge funds (eight percent) and private investors (5.5 percent).
The placement of the eurobonds was organized by the Bank of America Merrill Lynch and JP Morgan.
Georgia plans to spend $550 million to develop and modernize its railway infrastructure over the next 2.5 years.
Georgian Railways is a 100-percent, state-owned enterprise. Its operational length is 1,324 kilometers. The system includes 45 tunnels, 1,714 bridges, and ferry crossings with Russia and Ukraine.