From the press and the media

Fund for development of energy sector may appear in Georgia

By Nazrin Gadimova

Georgia may create a fund for energy development with a budget of $2.5 billion upon the initiative of Israeli Elenilto Group Company.
Representative of the Elenilto Group company and founder of Elenilto Georgia David Alon said that the company is ready to invest $500 million in the fund.
Alon said that before Elenilto Georgia takes a final decision regarding the establishment of the fund, the company must analyze statistical and economic information and then make a decision. He also said it may need a few months to obtain this data, but the company expects to make a decision by the end of this year.

"If this information and economic indicators are positive in terms of profitability, then we do not see material problems,” Alon said. "If other investors do not desire to participate in the project in the future, then it is quite another matter.”

According to Alon, the fund will finance all the important energy projects that contribute to both energy and economic development of Georgia.

Elenilto Georgia is the current contractor of the licensed XI-H block and implements the first phase of the minimum work program.
Georgia is a relatively small producer and consumer of energy, however, it is located in a region rich in energy resources. Furthermore, important oil and gas transit routes cross the South Caucasus country.
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