Kuwait To Invest Assets Into Two Large Projects In Georgia – Nogaide

KUWAIT TO INVEST ASSETS INTO TWO LARGE PROJECTS IN GEORGIA – NOGAIDELI

Arminfo
2007-02-20 15:18:00

Prime-Minister of Georgia Zurab Nogaideli considers that his visit
to Kuwait on February 17-18 was successful. This fact was emphasized
to journalists by Zurab Nogaideli after the visit.

During the visit an arrangement was made on investing two important
projects in Georgia by Kuwait.

"There is consent of the government of Kuwait and the agreement is
expected to be made in the nearest future", Nogaideli informed.

According to him, Kuwaiti Fund of Economic Development will invest
assets amounting to $720 mln into project "Namakhvani", envisaging
construction of three large hydro power plants on the river Rioni
near Kutaisi (Western Georgia).

It is stated in the government of Georgia that construction of
these three HPP does not mean only independence in energy issues,
but creation of thousand working places.

After construction of these three HPP is finished, Georgia will
provide itself completely with electricity and in summer it will
export it to Azerbaijan and Armenia.

Construction of power plants will begin in 2009 and to be completed
during five years. The first HPP will be built during four years,
two other HPP will be put into operation in a year after the first HPP.

The second project where Kuwaiti finance will be invested envisages
construction of the highway in Eastern Georgia.

The Georgian side will cover 20% of the project cost, 80% ($30 mln)
will be invested by Kuwaiti Fund of Economic Development. The project
will be started being implementing in 2008.

During the visit the issue of export of Georgian water to Kuwait and
countries of the Persian Gulf was discussed, but a concrete agreement
on the issue was not made.

In 2007 employment of $16 mln allocated by Kuwait for repair and
construction of roads in Tbilisi has been started.

Besides, as Nogaideli informed, it turned out during the visit that
pursuant to the agreement with the Turkish side, which was building
the new international airport in Batumi, Kuwait participated in the
project, it financed 10% of investments.