United Energy System of Georgia

concluded

Ireland's ESB International (ESBI) in March 2003 officially assumed five years management of the United Energy System of Georgia (UES) after winning an international tender and signing a contract in May 2002. UES comprises the "Elektrodispetcherizatsia-2000" (energy dispatching) and "Elektrogadatsema" (energy transmitting) companies. The contract involves ESBI taking full executive control of the 4500 staff state-owned organization with assets of over US$ 300 million, turnover of US$ 50 million. The total cost of the project is US$ 55.7 million, including US$ 27.4 million to be allocated by the Internatoional Development Association (IDA), US$ 12.4 million by German Credit Bank of Reconstruction (KfW) and Euro 1 million (US$ 1.1 million) provided by the European Bank for Reconstruction and Development (EBRD), the rest of the amount to be assigned by Georgia. The project concluded in December 2007.