IFC, a member the World Bank Group, will invest in the Georgian Reconstruction and Development Companys real estate development projects, which will address Georgias increasing demand for quality commercial and residential real estate infrastructure in urban areas.
The $48 million debt financing will also help create jobs and contribute to growth. With IFCs financing, GRDC will implement up to seven real estate development projects, most of which are in the capital city of Tbilisi and are at an advanced stage of preparation, spanning commercial, residential, and mixed-use sectors.
“For the past four years, Tbilisi has seen improved commercial and residential facilities due to recent construction and renovation,” said Mamuka Khazaradze, GRDCs President. “IFC is helping GRDC contribute to better real estate infrastructure by matching new growth with upgraded facilities that cater to consumers looking for both quality and value.”
“Supporting GRDC will help develop important real estate urban infrastructure in Georgia. This will have a catalytic effect on the domestic economy, as well as make the country more attractive for foreign direct investments,” said Edward Nassim, IFC Regional Vice President.
