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EBRD extends €25mn loan to private operator Georgian Healthcare Group amid pandemic
The European Bank for Reconstruction and Development (EBRD) has agreed to provide a $25mn loan to LSE-listed Georgian Healthcare Group (GHG), Georgia's largest, integrated healthcare services, pharmacy and medical insurance provider.
The financing was approved as part of the development bank's response to the coronavirus (COVID-19) pandemic, the EBRD said.
The loan is to finance GHG's short-term working capital and spending deemed critical amid the COVID-19 pandemic.
According to an official statement from the EBRD, GHG has an important state-aligned role in the fight against the health emergency. The company has adapted six large hospitals to meet needs of virus-infected patients in line with World Health Organization (WHO) guidelines.
The financing will support the implementation of COVID-19 testing at the country’s most advanced medical laboratory, at Megalab. It is also funded by the EBRD.
9.1.7 Agriculture sector news
Swiss chocolate producer Chocolats Camille Bloch plans to set up hazelnut plantations in Georgia to produce crops dedicated to the production of its leading Ragusa brand, according to Agenda.ge. Georgian Prime Minister Giorgi Gakharia and CEO of Chocolats Camille Bloch, Daniel Bloch—the son of Camille Bloch who founded the company in 1926—reportedly discussed details of the project on January 23 at a meeting on the sidelines of the World Economic Forum in Davos, Switzerland. Hazelnuts represent Georgia’s largest agricultural export by value and support the livelihoods of more than 50,000 growers and processors.
Bloch already has a registered company in Georgia and has identified a 561-hectare land asset in Lagodekhi municipality, eastern Georgia.
The company aims to cultivate hazelnuts using new technology to raise productivity.
It is planning to employ around 40 people in its project.
Chocolats Camille Bloch produces 3,700 tonnes of chocolate per year. The annual revenue of the company stands at more than $45mn.
Gazelle Fund, an investment fund dedicated to high-growth, small and medium sized enterprises in the Eurasia Region, has invested $1.1mn in NUTSGE—the leading locally-owned processor and exporter of hazelnuts in Georgia.
The hazelnut industry is a strategically important agribusiness sector for Georgia. The country is the fourth largest producer of hazelnuts in the world.
9.1.8 TMT sector news
Personal data of more than 4.9mn Georgians, apparently outdated and previously exposed in 2011 and including mobile numbers in addition to typical details such as ID numbers and dated of birth, were published on a hacking forum over the weekend, on March 29, according to ZD Net. However, “the databse did not appear to have been updated since the original leak in 2011,” according to Under The Breach, a data breach monitoring and prevention service that reported the data leakage.
The database contained 4.93mn records including details for over one million deceased citizens. Georgia's current population is estimated at 3.7mn, according to a 2019 census.
54 GEORGIA Country Report June 2020 www.intellinews.com
