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Black Sea Bank to Lend 50 Million Euros for Georgia

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(Corrects third paragraph to say “project pipeline.” The story first moved on March 29.)

March 29 (Bloomberg) -- The Black Sea Trade and Development Bank may provide 50 million euros ($70 million) for projects in Georgia in the next four years, said Deputy Finance Minister Dimitri Gvindadze.

The bank, based in Thessaloniki, Greece, plans to allocate about 22 million euros to energy projects, Gvindadze, who has a seat on the lender’s board, said today in an interview in the Georgian capital Tbilisi.

“There is a good project pipeline, and we hope this will be all brought to fruition soon,” Gvindadze said. “We are glad that a bank like this is supporting the development of the private sector in our country, which is the main driver for any economy.”

The bank has already has contributed as much as 50 million euros for projects in Georgia, Gvindadze said.

To contact the reporter on this story: Helena Bedwell in London at hbedwell@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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