GGICGeorgian Gas International Corporation
GGICGerling General Insurance Company (London, UK)
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Hajjar said GGIC has set aside Dh4 billion to invest in the hospitality sector and some of this money will be spent on Layia hotels.
Discussions have been ongoing for two years with GGIC regarding a potential carbon finance project linked to the rehabilitation of the north/south corridor.
In June 2005, GGIC submitted a Project Idea Note (PIN) to the MCC's carbon finance business (CFB) for consideration.
In parallel with these activities, GGIC is using funds from BP to carry out pre-feasibility work and pipeline inspections for the rehabilitation of the north/south pipeline corridor.
As an ETIB beneficiary, the study of the north/south corridor was conducted for GGIC in 2003.
Carbon financing will support the sustainability of the GGIC and MCC investment in pipeline rehabilitation by providing an annual revenue stream for GGIC that can support future operations and maintenance activities.