The FINANCIAL -- The European Bank for Reconstruction and Development (EBRD) is providing a US$ 10.9 million loan to Aversi Pharma LLC, one of the leading Georgian health care companies, to support a modernisation plan for local hospitals and the improvement of pharmaceutical supplies.
The loan will be used for the refurbishment of an infectious diseases hospital with 135 beds in the capital, Tbilisi, and the construction of a general paediatric and maternity hospital with 84 beds in Marneuli, in the south of the country. Part of the loan will be used to procure pharmaceuticals and improve the supply of medicine to patients, according to EBRD.
Aversi Pharma LLC was set up in 1994 and today is one of the leading firms in the wholesale market for pharmaceutical products and their distribution in Georgia. Over the years, Aversi has expanded its business into retail pharmacies and medical clinics and services, to become one of the leading health care providers in the country. Aversi Pharma is part of Aversi Group, which employs around 8,000 people.
EBRD First Vice President, Phil Bennett, said: “We are proud to team up with Aversi today, a pioneer in the Georgian health care sector. Aversi is a strong and competitive company which provides essential services in this field to the Georgian population. We are impressed by the company’s vision, ambition and its striving for excellence.”
“It is a great pleasure to complete this important agreement with the EBRD which will enable us to grow our business and further increase patient satisfaction. We hope that this will be a building block in a long-term relationship with the EBRD and we will have the opportunity to work together on many interesting projects in future,” commented Paata Kurtanidze, founder and shareholder of Aversi Group.
The EBRD is the largest institutional investor in Georgia. Since the beginning of its operations there, the EBRD has invested approximately €2.2 billion in over 170 projects. The Bank focuses on supporting the private sector, investing in energy projects as well as infrastructure,logistics, telecommunications and the financial sector to support cross-border economic activity.