OPIC and ‘Teliani veli’ Georgian wine company sign many-millioned contract

Business Materials 31 January 2012 18:59 (UTC +04:00)

Georgia, Tbilisi, Jan.31 / Trend N.Kirtzkhalia /

The Overseas Private Investment Corporation (OPIC) U.S. Government agency and 'Teliani veli' Georgian wine company signed a contract worth $15 million.

OPIC is the U.S. largest government organization which reports directly to the Congress and favours development of private business in different countries where American capital was invested. Fire Birds American fund owns 25 per cent of 'Teliani veli' shares.

Talks on implementation of the project lasted for 2 years. After the reaching agreement first transaction worth $5 million was carried out after the meeting between the U.S. and Georgian presidents on Monday. During his meeting with Mikheil Saakashvili Barack Obama said OPIC is actively engaged in development of private business in Georgia.

OPIC will allocate a long-term loan worth $8 million and the wine company will invest $7 million. Money will be used for increase in export, production of additional products, development of wine tourism and revival of this sector.