"NIBA Invest" founder Bakur Kighuradze says that the issue of funding is resolved and the company has raised the funds  from  the Netherlands' largest financial group.

Construction of NIBA Delisi project suspended years ago is expected to start in a  month. "NIBA Invest" founder Bakur  Kighuradze  says exclusively  to "Commersant" that  the question of funding has been decided and the project will be financed by the Netherlands' largest financial group ING which will allocate $  18 million for the purpose.

In Kiguradze’s words,  the company "NIBA Invest" will sign the agreement with the financial institution  in the coming days and  in a month construction will begin.

As reported, the company held negotiations in this regard with the  Co-Investment Fund, however, an agreement was not reached. When asked of why the company doesn’t consider  the Co-Investment Fund as one of the investors, Kiguradze limited himself to a general reply saying  that "NIBA Delisi " project did not meet the conditions  imposed on the company in the framework of cooperation with the Co-investment Fund.  The project is costly as it will be located on a large area under the ground, "- says  Kighuradze.

In April 2015 Kighuradze said that  the project cost was $ 24 million of which  one part will be  allocated by the Georgian  Co-Investment Fund (GCF)  while another- by "Bank of Georgia".

Today "NIBA Invest" founder says that it’s still unknown who will cover the remaining 6 million dollars.

“Niba Delisi” will house a multifunctional trade centre on the  area of 35 thousand square meters that includes   4 underground parking  lots and a 5-storey shopping zone. The project will be completed by 2016.

The implemenatation of the Niba Delisi project started in February 2008, however, in 2010 Bakur Kighuradze was  accused of espionage and arrested. He was released from prison after the change of power.

Source:commersant.ge