OPIC Approves $8 Million EDN Loan Originated by Wings & Freeman Capital in Conjunction with the International Executive Service Corps

Wings & Freeman (WFC), the EDN Loan Originator, together with International Executive Service Corps, assisted the University of Georgia LLC (UG) in obtaining an $8.05 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 UG in the entire process of cooperation with OPIC.

The project involves the acquisition and renovation of a building in Tbilisi in order to expand the University of Georgia by increasing classroom space, adding a medical clinic and establishing a School of Accounting.

The University of Georgia was initially established as a School of Social Sciences in 2004. In the following year, the school received State Accreditation and was transformed into the University of Georgia of Social Sciences.

The Project will have a positive developmental impact on the host country through the refurbishment of an existing building for the expansion of a local university.  In addition to new capacity for students, this expansion involves a new medical clinic which will be open to students, faculty and the community at large.  The school also offers scholarships to students from local, low-income families.  The project company has an EEO policy that meets ILO Convention 111 standards and will hire new staff related to this expansion.  All employees are provided with medical coverage, and female employees are entitled to child care and maternity leave.

The Project has been screened as a Category B project under OPIC’s environmental and social guidelines because impacts are site-specific and readily mitigated through the application of international standards.  Environmental, health and safety issues of importance differ depending on the types of activities on the campus.  In the classrooms and dorms, the major environmental issues include access to potable water, wastewater treatment and disposal, solid and hazardous waste disposal and fire safety.  The primary environmental, health and safety concerns related to health care projects are the management of pathogenic and other hazardous wastes and quality of care.

The Project received a Worker Rights Clearance on July 29, 2010.  OPIC’s statutorily required standard worker rights language will be supplemented with provisions concerning the right of association, organization and collective bargaining, minimum age for employment, hours of work, timely payment of wages, minimum wages, and hazardous working situations. Standard and supplemental contract language will be applied to all workers of the Project.

The Project received a Human Rights Clearance on June 15, 2010

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Broad Cove Partners, EDN Program Manager
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