European Investment and World Banks support Georgia’s main highway upgrade
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World leading financial institutions the World Bank (WB) and the European Investment Bank (EIB) are helping Georgia upgrade the country’s main transport route - the East-West highway.
The WB is allocating $140 million while the EIB is offering €49.45 million to Georgia to develop the environment and improve logistics services.
Today Georgia’s Finance Minister Nodar Khaduri and the WB's Regional Director for the South Caucasus, Mercy Tembon signed an agreement on the East-West Highway Corridor Improvement Project.
Today’s agreement outlines the creation of a new 14.1 km four lane highway along the Zemo Osiauri-Chumateleti section (before Rikoti tunnel). The WB will finance construction of 8.3 km of the road.
The remaining 5.8 km will be financed by the EIB, with whom an agreement will be signed tomorrow,” a spokesperson from Georgia’s Ministry of Finance told Agenda.ge.
The project comprised of four components which will be implemented in phases over between 2016 and 2020. Once all phases were completed the East-West highway will meet top European standards.
The East-West highway covers the road section starting from capital Tbilisi and travels to the Black Sea resort town Batumi via Poti.
A press release published by the Ministry of Finance today read the East-West highway was the main "transportation artery” in Georgia.
Meanwhile, project details published by the WB on its official webpage said the development objectives of the East-West Highway Corridor Improvement Project for Georgia were to:
- Reduce road user costs along the East-West highway corridor section upgraded under the project; and
- Strengthen the capacity of the Roads Department of the Ministry of Regional Development and Infrastructure and the Ministry of Economy and Sustainable Development to respectively manage the road network.
In total the WB offered $367 million USD to Georgia to develop the East-West highway.
Yesterday the Ministry of Regional Development and Infrastructure of Georgia opened the 19 kilometre section of the Ruisi-Agara Highway in east Georgia.
The World Bank Group is continuing to support Georgia’s transformation into a regional transport and logistics hub by offering the country a large financial support package.
A new section of Georgia’s main transport route - the East-West highway – will open this month.
Rehabilitation works to upgrade the Tbilisi Bypass Road are progressing well; work on the latest section is due to end this summer meaning traffic will soon be able to bypass the central city on a new road that meets international standards.
The European Investment Bank (EIB) is lending €22.5 million to Georgia in a bid to finance small and medium-sized enterprises (SMEs) and middle capitalisation companies (midcaps) engaged in trade and commerce in the country.
The 7km section, which was part of the four-lane highway spanning 12 kilometres along the Agara-Zemo Osiauri in central Georgia, was officially opened by Prime Minister Giorgi Kvirikashvili today along with World Bank’s regional director for the South Caucasus Mercy Tembon and other officials.
Travellers moving through Georgia's capital will soon be able to drive along a new bypass road that detours the central city, offering them a pleasant journey with lush scenery along a top quality road that meets international standards.
A new section of Georgia’s main transport route has opened today, allowing cars to detour Samtredia town in the west and drive on a new, modern highway.
The European Investment Bank (EIB) is promising stronger support for Georgia by doubling the amount it invests in the country in the coming years.
The European Investment Bank (EIB) is investing €450 million in Georgia to implement three major projects.
Georgia has today signed a €450 million financing agreement with the European Investment Bank to implement three major projects that will raise living standards and boost the global competitiveness of Georgia.
IRD Engineering, a leading Italian engineering consultancy, will supervise construction work on Georgia’s main East - West Highway (E-60).
Travellers moving through Georgia's Black Sea resort city of Batumi will soon be able to drive on a new bypass that detours around the city, offering a pleasant journey with lush scenery and less traffic.
The Khashuri bypass road, a new 13 km section of Georgia’s major transport artery, the East-West Highway, has opened today. The project aims to modernise the country’s infrastructural development, as well as to improve regional connectivity and road transport efficiency.