Georgia and Asian Development Bank mark 10 years, sign €12m new deal

Georgia and the Asian Development Bank (ADB) are celebrating 10 years of partnership today, marking this day with the opening of a new credit line worth €12 million.

With the €12 million, provided by ADB today, Georgia will rehabilitate Tbilisi Metro in its capital city.

The total cost of the project is €14,200,000 of which the Georgian side’s contribution will be €2,200,000,” said Finance Minister of Georgia Mamuka Bakhtadze after signing the deal with the ADB today.

This new credit line is part of a multitranche financing facility (MFF) for the Sustainable Urban Transport Investment Program for an aggregate amount not exceeding $300 million that the ADB approved for Georgia in July 2010.

Today we have signed the fifth tranche of the Sustainable Urban Transport Investment Program [that was signed between the ADB and Georgia] in order to improve urban transport facility across Georgia. This is the last tranche. I will continue the works that have been started in order to rehabilitate the Tbilisi Metro network, an important network that brings services to over 300,000 passengers a day. We have recently opened a new station, Univestity Station at Tbilisi Metro and this will complement the work throughout the network as well,” said ADB official.

In particular, tranche five consists of:

• Tbilisi Metro rehabilitation, including the replacement of power distribution cabling and the rehabilitation of the ventilation system;
• Development of a waste management plan for metro operation and maintenance; and
• Consulting services for supervision of works, financial audit, and safeguard monitoring. The subcomponents are in line with the selection criteria of the MFF.