BAKU, Azerbaijan, October 23. The European Bank for Reconstruction and Development (EBRD) has approved a senior secured loan of 25 million euros to Tegeta Motors for the construction of a new service center in Tbilisi, Georgia, focused on trucks and heavy machinery.
Data obtained by Trend from the EBRD indicates that the total project cost is 31.8 million euros.
“The project aims to develop key infrastructure in the country’s automotive sector and enhance the skills of professionals. Through the Tegeta Academy initiative, training opportunities for mechanics and heavy machinery operators will be expanded to meet growing industry demand,” the bank said.
Tegeta Motors will implement a Comprehensive Corporate Governance Action Plan with EBRD support to improve board transparency, operational efficiency, and compliance with international standards.
The EBRD will monitor project implementation through annual environmental and social reporting and, if necessary, site visits. The bank’s financial support also includes technical cooperation and grants for legal review, corporate governance implementation, and skill development in Georgia’s automotive sector.
