The radio "Commersant" reports that a prominent businessman Lasha Papashvili has received funding from the European Bank for Reconstruction and Development (EBRD) for the construction of the hotel on Chavchavadze Avenue.

According to EBRD official site, the Board of Directors approved the hotel's funding issue on November 26 and the issue is in the signing regime. EBRD will allocate 18 million for the construction of the hotel, the total cost of the project makes 31 million while the co-sponsors are Lasha Papashvili and "Georgian Real Estate Holding".

Note: Papashvili announced about the hotel construction on Chavchavadze Avenue last year, however, the EBRD postponed consideration of a funding issue several times. Later, Papashvili told "Commersant" that negotiations with the world hotel operator "Accord" were difficult and the operator did not rule out change of the operator.

Source:www.commersant.ge