Georgia to create energy sector development fund
Georgia, Tbilisi, Oct. 8/ Trend N.Kirtzkhalia /
At the initiative of Israeli company the Elenilto Group, Georgia may create a fund with a budget of $2.5 billion for energy development in the country.According to the representative of the Elenilto Group and founder of Elenilto Georgia, David Alon, the company is ready to invest $0.5 billion in the fund and the remaining amount will be invested by those partners who will want to make an investment.
According to him, before Elenilto Georgia takes a final decision regarding the establishment of the fund, the company must analyse statistical and economic information and then make a decision. He said it may need a few months to obtain this data, but the company expects to make a decision by the end of this year.
"Today we are at the stage of testing the economic viability. The company's management has already instructed its economic department to collect data and statistical information regarding events in the country during its recent period and the country's prospects in the international arena.
"If this information and consequently economic indicators are positive in terms of profitability, then we do not see material problems. If other investors do not desire to participate in the project in the future, then it is quite another matter," Alon said.
According to him, the fund will finance all the important energy projects that contribute to both energy and economic development in Georgia.
It should be noted that Elenilto Georgia is the current contractor of the licensed XI-H block and implementing the first phase of the minimum work programme.