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NEFCO talks about ongoing project in Georgia

Oil&Gas Materials 4 September 2020 18:56
NEFCO talks about ongoing project in Georgia

BAKU, Azerbaijan, Sept.4

By Tamilla Mammadova – Trend:

NEFCO's current objectives in Georgia are to raise awareness of energy savings benefits received through energy-efficiency investments and to finance concrete energy-efficiency improvement projects in Georgian municipalities, mainly related to renovations of public buildings and street lighting, NEFCO told Trend.

"Regarding possible future investments in the country, we are looking for new projects in both the public and private sectors," the NEFCO said.

NEFCO has signed a framework agreement with the Georgian government in 2014. The framework agreement is acknowledging NEFCO as an international financial institution in the country. The government is represented by the Ministry of Finance.

"We are currently financing a project related to modernization of public buildings across the country with a focus on energy-efficiency modernizations. The project will support the modernization of 26 public buildings, including 12 schools and 7 day-care centers," the NEFCO said

As the source noted, the total investment for the project is 5.14 million euros, including grant financing from the Eastern Europe Energy Efficiency and Environment Partnership. The project has also received financial support for the feasibility study phase and technical assistance for the implementation phase from Denmark’s development organization Danida under the Ministry of Foreign Affairs of Denmark.

"The construction work has started in 19 of these buildings and the first sub-projects will be completed by the end of this year. All sub-projects are to be completed by the end of 2021," the NEFCO said.

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