Asian Infrastructure Investment Bank offers $114m to Georgia

Georgia and the Asian Infrastructure Investment Bank (AIIB) signed a financial deal about helping Georgia construct the Batumi Bypass Road in the country’s Adjara region, with a $114 million financial resource.

The financial deal between Georgia and the AIIB has been signed in South Korea, within the AIIB annual meeting today.

Georgia delegation is attending #AIIB2017 in South Korea. With the deal of 114m with @AIIB_Official Batumi will get a bypass road pic.twitter.com/0ReKhuPWEb

— Mof Georgia (@mofgeorgia) June 16, 2017

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.

Georgia’s Finance Minister Dimitry Kumsishvili (R) and the AIIB President Jin Liqun hold hands. Photo by the Georgian Finance Ministry.

The AIIB is a multilateral development bank that focuses on the development of infrastructure and interconnectivity in Asia.

At the same time, an agreement has also been signed between the AIIB and the Asian Development Bank (ADB) on cooperation in the Batumi Bypass Road project.

Georgia’s Finance Minister Dimitry Kumsishvili delivered a speech at the annual meeting of the Board of Governors of the AIIB. Photo by the Georgian Finance Ministry.

The ADB has allocated €108 million to help improve regional connectivity and road transport efficiency in Georgia, while strengthening the country’s bid to become a regional transport and logistics hub.