Translated version of this PSD: Georgian
The EBRD provided ca. USD 11.5 mln in debt financing to Margebeli Holding company in Georgia in 2010. The currently proposed project will be a follow-on loan of USD 7 mln. The funding will be used for capital expenditures and the provision of working capital financing to the Holding with the purpose of modernising and expanding production at the operating subsidiaries.
The EBRD loan would facilitate market expansion and competition by introducing new products to the Georgian market to give customers greater choice for a better value compared to imports. A demonstration effect will be achieved through the introduction of new technology and production efficiencies, as well as knowledge and skills transfer.
JSC Margebeli is a holding company with four wholly-owned subsidiaries: 1) Healthy Water (mineral water sourcing and selling); 2) Engadi (foodstuff distribution); 3) Marneuli Food Factory (vegetable processing); and 4) Marneuli Agro (farm). Healthy Water and Marneuli Food Factory sell on both domestic and export markets.
USD 7.0 million in the form of a long-term loan.
USD 15.6 million
The project is categorised B given that the impacts associated with the project are site specific and readily identified and addressed though mitigation measures. For the first project with the Company, an environmental audit was undertaken covering the majority of the facilities operated by the Company. While the audit revealed some issues related to the management, organisation, and monitoring of environmental and social issues, there were no significant impacts associated with the Company's operations. An environmental and social action plan (ESAP) was developed and agreed with the Company including both actions to be implemented at the corporate level and actions to be implemented at each individual facility. Corporate level actions include the introduction of a group-wide environmental and health and safety management system, the provision of appropriate training to all staff, the implementation of an effective documentation and monitoring system for environmental and social issues.
Since the signing of the first project, the Company has been implementing the ESAP and has provided reporting to the Bank on progress made. Most actions have been completed on time, as agreed, although there are some outstanding issues. Prior to the provision of this second loan to the Company, the Bank will amend and update the ESAP to take account of outstanding items and the changing plans of the Company. The Company will be required to continue providing annual environmental and social reporting to the Bank in the implementation of the ESAP and any other environmental and social issues.
The EBRD’s ETC Fund has supported Margebeli Holding by providing funding for technical consultants to advise on the modernisation and improvement of yields at Marneuli Agro farm.
Mr. Grigol Gogoladze
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