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Working meeting in Astana with “Kazmunaygaz”

Posted on: 13 Nov 2013

A business visit by the delegation of the Partnership Fund to Astana, Kazakhstan has been completed. Irakli Kovzanadze, Executive Director of the Partnership Fund and other members of the group held negotiations with Sauat Mynbayev, the Chairman of the board of NC KazMunayGas JSC, Kazakhstan’s largest state company. The parties discussed the details of the Rixos Borjomi Hotels, and agreed to further invest in project, total investment size of which is 38.5 mln USD. Besides, financing structure of further investments, including debt and equity financing, were also negotiated and agreed. The agreement reached during the negotiations will be officially signed by the end of November. KMGS and Pfund are the joint stockholders of the complex. According to Mr. Kovzanadze, as a result of the agreement, the project will be completed by summer, 2014 and will be ready to host first guests. "Apart from the final agreement on Likani project, it’s important that the Kazakh side - KazMunayGas as well as other giant companies and business-unions – is seriously interested in investing opportunities in various sectors of Georgia’s economy. Namely, they expressed serious interest in agriculture, infrastructure and tourism. I also want to note with gratitude the positive role of H.E. Zurab Pataridze, the Ambassador of Georgia to Kazakhstan who helped establish effective communication between Kazakh and Georgian businesses,” Mr. Kovzanadze commented after the visit. The partnership Fund says that Likani touristic complex will be in full compliance with high international standards. With 152-rooms, complex will offer various spa-procedures. It will be equipped with all necessary modern infrastructures for leisure. Turkish company Dekon will construct the Hotel, as they have in experience in building the luxurious hotels in different parts of the world, including, Park Hyatt Hotel (Azerbaijan), Polus Golf Resort (Hungary), Ashkelon Park Plaza (Israel), Ramanda hotel & Suites (Austria), La france Hotel (Holland), Mariott Hotel (Georgia), Holiday Inn hotel (Kazakhstan). A manager appointed by Rixos is already in Likani being responsible for the hotel’s operation and development. While visiting Kazakhstan, Georgian delegation has held an interesting meeting with the governing council of the National Chamber of Entrepreneurs of the Republic of Kazakhstan. The Chamber unites the big companies from different industries. National Chamber of Entrepreneur is dedicated to implement international investment projects which are in the interest of Kazakh businesses. As Mr. Kovzanadze noted, the Chamber and the Fund will set up a joint Kazakh-Georgian business council in the nearest future and will continue intensive cooperation in this format.

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