The Project will aim to address the urgent need of liquidity support to Georgian Air Navigation in the period of unprecedented economic impacts of COVID-19 crisis. The proposed transaction is in line with the Vital Infrastructure Support Programme (VISP) under the Bank's COVID-19 Solidarity Package.
The goal of the Project is to support the Georgian Air Navigation (the "Company") to overcome a temporary shock and focus on its key functions.
ETI score: 65
The Project will have the following Transition Impact:
Resilient- The Project entails addressing current liquidity shortages of the Company resulting from a sudden, significant change in economic activity due to a crisis event.
Inclusive - The Company adopts significant improvements in HR and other policies in line with the gender action plan.
Georgian Air Navigation - Sakaeronavigatsia Ltd., is fully owned by the Government of Georgia and is the national provider of air traffic navigation and monitoring services in the country.
EBRD Finance Summary
A senior loan of EUR 10,000,000.
Total Project Cost
Total Project cost is EUR 10,000,000.
COVID-19 crisis response: EBRD financing effectively bridges a liquidity gap due to adverse market conditions, e.g. the COVID-19 crisis.
Environmental and Social Summary
Categorised B (2019 ESP) and Low-Medium risk. Financing the liquidity needs under the VISP for an air traffic navigation and monitoring services provider is associated with site-specific Environmental and Social ("E&S") risks that can be readily assessed and mitigated via good management practices. Environmental and Social Due Diligence ("ESDD") will be undertaken in line with the Environmental and Social Department's ESDD response to COVID-19 and will be conducted in-house. It will comprise the review of a completed E&S questionnaire, available E&S documentation and follow up on line discussions with the Company. Key E&S risks and impacts to consider include occupational health and safety, supply chain and contractor management, ground fleet and traffic management. Specific attention will be paid COVID-related response plans including labour and the potential for retrenchment, worker and community health and safety issues and stakeholder engagement.
Technical Cooperation and Grant Financing
The following technical co-operation ("TC") assignments are envisaged as part of this Project:
- Capacity Assessment and Priority Investment Programme Identification Study.
- Equal Opportunities Programme.
Company Contact Information
(995 32) 274 42 12
(995 32) 274 42 27
Tbilisi Airport, Tbilisi; 0158, Georgia
PSD last updated
18 May 2020
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