A road junction in Georgia. Photo © FB / Giorgi Kvirikashvili

13 July 2017, 19:38

EIB allocates 253.5 million euros to Georgia

The Vice-President of the European Investment Bank (EIB) has signed an agreement on the allocation of the Georgia's second half of the concessional loan for a total of half a billion euros for the project aimed to improve the country's motorways. Another 3.5 million euros were allocated for the completion of the reconstruction of the Inguri hydroelectric power plant (HPP) and the Vardnili HPP.

The "Caucasian Knot" has reported that on December 9, 2016, Georgia received the first 250 million euros of the above loan for the "Georgian Transport Communication Project", aimed at improving the quality of regional highways.

The total loan of 500 million euros will be spent on the construction and rehabilitation of about 253 km of highways. As a result, it is expected to improve the Georgia's transport links with Ukraine and Europe via the Black Sea ports, as well as the Georgia's communication with Armenia, Azerbaijan and Turkey.

Full text of the article is available on the Russian page of 24/7 Internet agency ‘Caucasian Knot’.

See earlier reports:

Georgian experts: aggravation of economic situation is the main outcome of 2015, European Investment Bank to grant loan to Armenia for modernization of border checkpoints, World Bank provided Georgia with 40-million-US-dollar privileged credit.

Author: Galina Gotua Source: CK correspondent

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