“The interests of the state are fully safeguarded in the agreement signed with Eagle Hills,” stated Deputy Minister of Economy and Sustainable Development, Irakli Nadareishvili.
Discussing the investment agreement, under which Eagle Hills Georgia will execute two projects valued at over 6.5 billion Georgian Lari in Tbilisi and Gonio, the Deputy Minister highlighted that the arrangement carefully balances the interests of both parties, the state and the investor.
“According to the agreement between the state and Eagle Hills, the company is entrusted with managing the projects. The state will be involved both on the supervisory board and within the management structure, albeit in a more passive role, which is appropriate considering that the expertise and know-how for project management and development rest with the investor, rather than the state.
Mariam Kvrivishvili, our Minister of Economy and Sustainable Development, has emphasised that we have reached an agreement that maximally safeguards the interests of the state, whilst also fully accommodating the needs of the investor. As a result, the state will hold a 33% stake in the joint venture, and Eagle Hills is unconditionally committed to fully financing the projects, which is a crucial aspect,” Irakli Nadareishvili explained.
The Deputy Minister also addressed the economic impact that this unprecedented investment by Eagle Hills is expected to generate. According to Nadareishvili, the ripple effects across construction, development, tourism, and all related industries involved in the projects will be several times greater. Furthermore, he noted that the project will significantly enhance Georgia’s global profile, reputation, and credibility as an attractive destination for new investments.
