European Investment Bank allocates €250 million loan for major infrastructure projects in Georgia
Georgia will use the loan to construct and renovate regional highways. Photo: wikipedia.
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The European Investment Bank (EIB) and the government of Georgia have signed a deal on the allocation of €250 million loan for “vitally important” infrastructure projects in Georgia, the government of Georgia says.
The deal was signed in Tbilisi today by Georgian Prime Minister Mamuka Bakhtadze and Vice-President of EIB Vazil Hudak.
Today we signed an agreement with #EIB that will allocate €250 million for #Georgia’s road infrastructure development. New and safer roads will help our country to become a leading regional transport and logistics hub and contribute to East-West connectivity. @VazilHudak pic.twitter.com/0IjvNvySMC
— Mamuka Bakhtadze (@BakhtadzeMamuka) February 19, 2019
Bakhtadze hailed EIB as “one of the most important partners”, supporting the country boost its role in the region and the world.
We will use the money for concrete projects such as the Rustavi-Red Bridge-Sadakhlo highway construction and renovation. Such highways significantly increase Georgia’s transit role,” Bakhtadze said.
Hudak stated that Georgia is developing dynamically and that the country is the “regional leader.”
EIB is the financial instrument of the EU and our activities for Georgia confirm that you are part of Europe. The loan will provide opportunities for Georgia to come closer to the EU and use its geopolitical location to connect Europe with Asia,” Hudak said.
The EU Ambassador to Georgia Cark Hartzel stated that the new infrastructure projects will also create new jobs.
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The European Investment Bank (EIB) is offering an additional €250 million to help improve regional connectivity and road transport efficiency in Georgia. The EIB has already provided over €500 million for implementation of the ‘Georgian Transport Communication Project’.
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The European Investment Bank (EIB) have signed three agreements which will make available up to 280 million GEL (about $103.24m/€87.35m*) to Georgian small and medium enterprises (SMEs).
Vice President of the European Investment Bank (EIB) Vazil Hudak said that Georgia is a key partner of EIB in the Eastern Partnership and “we will continue supporting East-West connectivity, along with significant projects implemented in the energy sector of the country”.
The European Investment Bank (EIB) will finance public sector development projects over the next five years in Georgia.
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