Georgia intends to issue eurobonds worth USD 500 million with a maturity of between five and 10 years, PM-nominee Lado Gurgenidze told lawmakers on January 31.

“We want and hope that it will happen in April,” Gurgenidze said while presenting the new cabinet for approval.

He said that the government was currently in talks with six banks - Citigroup, Deutsche Bank, JP Morgan, Credit Suisse, UBS and Merrill Lynch – and would select two to organize the eurobond issue.

Gurgenidze said that the move would require budgetary amendments, which the Finance Ministry would present for parliamentary consideration.

The prime minister said the construction of a natural gas storage facility and high-voltage power lines to facilitate increased electricity exports to Turkey were likely to be financed from money raised through the eurobonds issue.