The European Bank for Reconstruction and Development (EBRD) has once again postponed consideration of the issue of financing of Tbilisi "Novotel" hotel. EBRD discussions had to be held on March 27, although, according to the organization’s official web - site, the Supervisory Board will meet on this issue on July 24.

Tbilisi "Novotel" hotel will be built by Georgian businessman Lasha Papashvili. Papashvili confirms that construction will launch in summer. A total of 30 million USD should be invested in the project; 18 million of them will be allocated by EBRD. The hotel will be located on Chavchavadze Avenue, it belongs to "Accor" Group and is presented in over 60 countries of the world.

Please note: The businessman planned to begin construction this spring but the EBRD has postponed the issue discussion several times since the beginning of the year.

 

 

Source: www.commersant.ge