A London-based bank has arranged a $65 million (£38.7m) loan for a project to promote an “environmentally-friendly alternative to conventional fuels” in Georgia.
The loan will support an investment programme of Wissol Petroleum, which includes the expansion of gas filling stations that offer compressed natural gas (CNG).
The company aims to open up to 38 new CNG filling stations as well as improve the infrastructure of its existing stations, using energy efficiency technologies to help meet its environmental standards.
Bruno Balvanera, Director for Caucasus, Moldova and Belarus at the European Bank for Reconstruction and Development (EBRD), which provided the loan said: “This project will ensure that Georgian customers continue to receive more economical and environmentally-friendly alternatives to petrol.”
The Bank has so far invested in 169 projects, with more than $2 billion (£1.2bn) across various sectors of the Georgian economy.