OPIC Approves $3.5 Million Loan for Georgian American University Originated by WFC

Wings & Freeman Capital assisted LTD Georgian American University (GAU) in obtaining a USD 3.5 million loan commitment from OPIC.

The WFC team worked on the pre and final application documentation, facilitated the due diligence process as well as assisted GAU in the entire process of cooperation with OPIC. 

The project involves the refurbishment of a newly acquired building located in the center of Tbilisi. The refurbished building will allow GAU to develop a new School of Natural Sciences and Engineering, to relocate its existing schools to a newly refurbished building and to increase its number of students. 

This project will have a positive developmental impact on the host country through the refurbishment of a building to expand a local university, which will benefit students of various economic backgrounds.  The university has an EEO policy that meets ILO Convention 111 standards and will hire new staff related to this expansion.  All employees are provided with various benefits.  

This Project has been reviewed against OPIC’s categorical prohibitions and determined to be categorically eligible. Medium-scale construction projects are generally screened as Category B under OPIC’s environmental and social guidelines because impacts are site specific and readily mitigated. 

OPIC’s statutorily required standard worker rights language will be supplemented with provisions concerning the right of association, organization and collective bargaining, minimum age, hours of work, the timely payment of wages, and hazardous work situations. The project will also be required to implement a management system that applies standards consistent with International Finance Corporation’s Performance Standard 2 on Labor and Working conditions. Standard and supplemental contract language will be applied to all workers of the project.  

OPIC issued a human rights clearance for this project on February 29, 2012.

For the details of the transaction please click here

30.08.2012


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