The FINANCIAL — Bank of Georgia, Georgia’s leading bank with a 34.1% market share on total assets, unveiled a 5.8 million USD credit with the primary purpose to complete construction works on a high-tech medical centre and university clinic that is located within the Aramianski hospital grounds.
The high tech university clinic stretches over 4,435 square metres of land and has a 18,000 square metre multi profile hospital which unites 17 types of medical clinics within a 12 storey building equipped with top-notch medical facilities with 205 hospital beds.
Construction works on the high-tech hospital are due to finish in November 2010.
“Since 1998 we’ve been working on projects that dealt with the private health care sector thus we are even now continuing to build high tech clinics. Nonetheless there are other high profile hospitals in the capital like that of Gudushauri, Todua’s clinic, Medi Club and others in the Isani district which is quite a densely populated area, and therefore the first to be equipped with high technologies,” said university clinic Executive Director Gocha Ingorokva.
“Reconstruction works of our hospital were started in November 2008, even now we have already opened the reception, emergency, and cancer diagnostic centre, but there are still lots of things that need to be done. We aren’t only dependent on bank provided finance. We have also invested our own capital in the university clinic construction works. The Bank has currently taken 80 percent risk while 20% counts on us. Validity of the 14% loan is due 8 years from now including the preferential first year,” said Gocha Ingorokva.
“The construction company that we have a contract with is “Plus” and will employ more than 400 construction labourers in the project. The prices for the hospital will be similar compared with other high tech clinics and are planning to get the first patient in November 23 following the opening,” said Gocha Ingorokva.
In accordance with 2010 Q1 Bank of Georgia’s loans for corporate clients amount to 951 million GEL which is 9.4% growth compared to the same period of last year. Thereby the Bank is continuing to finance such economically viable segments as healthcare.
“Bank of Georgia is financing lots of projects similar to this high tech clinic which were hurt by the crisis and for different financial reasons. For assistance we have also disbursed 3 million USD for finalizing the Hotel Adjara project,” said Irakli Gilauri, Executive Director of the Bank of Georgia.
“The project that we have chosen for re-financing is quite important for the residents of the Isani district as well as for the whole population and 5.8 million USD will be enough for the university clinic to be completed.
Our portfolio has been increased up to 10% thus we are ready to finance these kind of viable projects. The healthcare sector makes up almost 8% of the total country’s GDP thus financing of such huge projects is of crucial importance for our bank despite the fact that they aren’t having any return on capital for now,” said Irakli Gilauri in his interview with The FINANCIAL.
