Asian Infrastructure Investment Bank (AIIB) will offer $114 million to help improve regional connectivity and road transport efficiency in Georgia.
With this financial resource the AIIB will contribute to constructing a new bypass road skirting the Black Sea resort city of Batumi.
The project implementation will start in 2017 and will be completed in 2022.
Currently the road goes through the touristic and residential zones of Batumi, which creates problems for international transit.
The financial deal between Georgia and the AIIB will be signed in South Korea, within the AIIB annual meeting.
The meeting will be held on June 16-17 where Georgia’s Finance Minister Dimitry Kumsishvili will deliever his speech at the opening ceremony.
Furthermore, Kumsishvili will meet the AIIB President Jin Liqun.
The AIIB is a multilateral development bank that focuses on the development of infrastructure and interconnectivity in Asia.