Armenia, Azerbaijan, Georgia

We first got involved in a Georgian projects for the E.U. in 1998 and we have written viability studies on 7 different projects in energy, agri/vine-culture and commercial / infrastructure finance.

In Azerbaijan we have our own resident consultant with extensive knowledge of the oil industry.

We believe the area has a great potential and expect any future political transitions to be of little influence for foreign investors. Georgia is considered stable for investments.

We have a number of options of suitable local partners and have projects needing finance in all above industries.

Projects under consideration in 2005 exceed US$ 468 million.