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New Development in Tbilisi to follow RAKIA project

The International Finance Corporation and the European Bank for Reconstruction and Development have made initial disbursements of USD 8.5 million each, under their respective nine-year loan agreements with the Georgian Reconstruction and Development Company, to finance construction and renovation works in Georgia. Tbilisi Central, a modern shopping mall in the Central Railway Station territory, will open in autumn 2009.

This is International Finance Corporation’s second investment in retail real estate projects in Georgia. The first USD 49.7million financing package was allocated to the Ras Al Khaimah Investment Authority, to build its much-publicized project, Uptown Tbilisi, in Dighomi.

Ras Al Khaimah Investment Property

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