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The EBRD has arranged a $155 million seven-year financing for Georgia-based fertiliser producer Rustavi Azot. The funds will be used to upgrade the borrower's ammonia production line to decrease energy consumption by 30%, cost savings that will feed in to overall margins on exports: In 2015 Rustavi Azot generated 84% of its sales from exports and is the sole producer of nitrogen-based fertilisers in the south Caucasus and the primary supplier of ammonium nitrate.
The deal comprises a $125 million EBRD-syndicated loan and a $30 million parallel loan from the Bank of Georgia. The EBRD portion is split between a $50 million EBRD direct loan, $25 million from Dutch development bank FMO and $50 million from Luxembourg-based East West United bank.