World Bank offers €16.9m for Georgia’s East-West Highway
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The World Bank is continuing to help Georgia improve its main transport artery, the East-West Highway, by offering €16.9 million.
Georgia’s Finance Minister Mamuka Bakhtadze and the World Bank Regional Director for the South Caucasus Mercy Tembon signed the corresponding agreement today in Tbilisi.
The financial assistance worth €16.9 allocated by the World Bank will be spent on improving an 11km section of the East-West Highway that stretches from Chumateleti to Khevi.
The existing two-lane road will be transformed into a four-lane highway.
The works will be concluded by 2020, announced Georgia’s Ministry of Finance.
Georgia and the World Bank are celebrating 25 years of partnership today.
Georgia will receive a credit line to the amount of €44.6 million from the International Bank for Reconstruction and Development (IBRD).
The World Bank continues supporting Georgia’s economic reform program in key areas by providing a loan of €47.2 million.
The World Bank is praising Georgia for its major reform plan that aims to improve the country’s investment environment, boost economic growth and ensure macroeconomic stability.
Two new logistic centres will be built in Georgia’s third largest city Kutaisi and in the village Kumisi, near capital of Tbilisi to cement Georgia’s reputation as a logistics hub country.
The production of bitcoins and blockchain technologies are very well developed in Georgia and furthermore, the country is among the leaders in this field, believes a World Bank delegation to Georgia.
Tbilisi will host the meeting of the World Bank executive board for the first time in May this year, Georgia’s Finance Minister Mamuka Bakhtadze said after meeting with the World Bank Group’s Executive in Washington DC yesterday.
The World Bank is ready to support the successful implementation of current and planned reforms by the Government of Georgia, says the Executive Director of the World Bank Group and the bank’s representative in Georgia Frank Heemskerk.
The World Bank Group Board of Executive Directors has endorsed the 2019-2022 Country Partnership Framework (CPF) for Georgia, which aims to support sustainable and inclusive growth and improve living standards in the country.
Georgia’s logistics performance has improved, jumping 11 places from 130th to occupy the 119th position on the World Bank’s recently released Logistics Performance Index (LPI) 2018 report. The 2018 Logistics Performance Index scores countries on how efficiently they move goods across and within borders.
Japan will allocate about $343 million to help Georgia develop its major transport artery East-West Highway.
Georgian Finance Minister and vice-president of Japan International Cooperation Agency (JICA) have signed a $343 million agreement today to help Georgia develop its major transport artery, the East-West Highway.
The Asian Development Bank (ADB) is offering €255 million to help Georgia develop its major transport artery East-West Highway.
The World Bank has announced the nine-month debarment of the China Railway Construction Corporation (CRCC) and its wholly-owned subsidiaries, China Railway 23rd Bureau Group (CR23) and CRCC International, in connection with misconduct under the East-West Highway Corridor Improvement Project in Georgia, however the companies will continue construction work on the East-West Highway.