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Friday, March 22, 2013

Teliani Valley receives $2 million from OPIC

22.03.2013 (Hvino News) Wine producer Teliani Valley has received funding of $ 2 million from the US Overseas Private Investment Corporation (OPIC) as second tranche.

Teliani Valley has been allocated an $8 million loan package to finance the development of its processing equipment, purchase new vineyards and increase export. The transaction was carried out on the basis of the $15 million worth project, drawn up by the parties in 2011. Of this amount, a long-term loan of $ 8 million will be provided by OPIC, and $7 million invested by the Georgian company itself. The annual interest rate of the loan is 5.5% over a 10-year term period. Teliani Valley also uses $7 million from its own private funds to further develop the planned projects.

The first tranche of the project worth $ 5 million was released in January 2012 and spent for the construction of a new venture for the production of champagne and development of grape farms. The second tranche will cover the development of the tourist course of the company, expansion of wine production and export growth in the U.S.

OPIC is the largest U.S. government organization that reports directly to Congress and contributes to the development of private business backed by American capital in different countries of the world. 25% of Teliani Valley belongs to American investment fund Firebird Avrora.

© Hvino News

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