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17.08.2012

Skiing in the Caucasus region: Austrian ski lifts for Georgia –
Bank Austria finances an EUR 11 million project

The newest and most modern ski-resort in Georgia is currently being developed in the mountainous Adjara region, opening the market for Austrian expertise in cable car and ski lift technology. The equipment for this project will be supplied by the Doppelmayr Group, which was mandated to build a 1.7 km long gondola ropeway and a 1.9 km long detachable chairlift in the Goderdzi Pass Mountain Resort of the municipality of Khulo. Bank Austria is entrusted with the EUR 11 million financing for assembling and commissioning the new ski lifts. This recent financing deal is the first loan agreement between the independent Georgia – represented by the Ministry of Finance – and Bank Austria.

“With economic growth of 7 percent in the previous year, Georgia is one of the countries currently experiencing dynamic economic growth. The strong 30 percent increase of Austrian exports to Georgia, to approximately EUR 55 million, shows that many Austrian companies have already discovered this interesting region. The development of the ski resort will have a positive impact on tourism of the Adjara region, while also boosting employment in the area. The export finance mandate awarded to Bank Austria reflects the bank’s strength in export financing as Austria’s leading bank in trade finance. We serve our clients across all borders thanks to our excellent contacts to Austria’s export credit agency, Oesterreichische Kontrollbank AG (OeKB), and our network in 22 countries in Central and Eastern Europe and throughout the world,” says Florence Werdisheim, Head of Export Finance of Bank Austria.

The Bank Austria financing of the infrastructure development of Goderdzi Pass Mountain Resort in the Caucasus Mountains was provided in the form of a buyer’s credit pursuant to the OECD Arrangement on Officially Supported Export Credits. Oesterreichische Kontrollbank AG provided Bank Austria with funding under its Export Financing Scheme backed by an export guarantee of the Republic of Austria.

Bank Austria has been a member of UniCredit, one of the largest European banking groups, since 2005. In Europe, UniCredit operates in 22 markets – including Austria, Germany and Italy – and maintains about 9,500 branches with more than 160,000 employees. The international network covering more than 50 markets provides the clients of the banking group with worldwide access to international financial markets.

Enquiries: Bank Austria Media Relations Austria
 Julia Wegenstein, Tel. +43 (0) 50505 52854
 e-mail: julia.wegenstein@unicreditgroup.at

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