EBRD was planning to issue multi-million dollar financing to a client in Georgia for developing two hospital projects. The questions that EBRD was facing were whether or not: 1) The market was ready for these two projects; 2) The regulatory environment and general outlook of the industry was positive; 3) The financials of the two projects were reasonable; 4) The corporate capability of the client was ready to undertake two projects of this scale. TBSC Consulting, together with the hospital and healthcare sector experts, undertook this project. Four main areas were addressed: First of all TBSC analyzed demand in catchment areas and target markets, estimated spending and demand on various types of healthcare services, forecasted overall market development based on international benchmarks. We also evaluated competitive supply, both in terms of revenues and in terms of hospital beds. By comparing demand and supply, we derived conclusions about market feasibility of the two projects. TBSC also developed a customized lengthy overview of the healthcare and hospital sector and regulatory environment and assessed its influence over the planned hospital projects. Based on multiple interviews with selected representatives of the management of the client company, we assessed organizational capacity of the company and its institutional readiness to undertake this investment responsibly. Finally, we checked financial cases of the two projects and commented on the reasonableness of the assumptions and outcomes. Overall, based on our report, EBRD will make an informed decision about funding the project. It will also work with the company to improve weak areas, identified by TBSC during the study.