Cooperation between Georgia and World Bank and the Black Sea submarine electricity cable project intended to connect the grids of the South Caucasus and European Union member states were discussed on Friday in a meeting between the Georgian Deputy Economy Minister Genadi Arveladze and Koen Davidse, the Executive Director of the Bank.
The Economy Ministry said the parties “positively evaluated” the partnership, which they said had led to implementation of “significant structural reforms” in the country in “key areas”, including improving competitiveness of the private sector, setting up infrastructure, supporting small and medium-sized businesses, developing innovative ecosystems, transport, energy, corporatisation of state enterprises and more.
The meeting also emphasised priority areas of current and future cooperation, as well as the ongoing technical and economic study of the Black Sea cable project, which is being carried out by Georgian State Electrosystem along with the Italian consulting company CESI. The project involves construction of a high-voltage underwater transmission infrastructure to connect Georgia with Romania and allow the export of green energy to Europe.
After its implementation, the 1,195 km-long cable - with 1,100 km of its length laid underwater - will enable the countries of the South Caucasus and Romania to take advantage of “broadened export opportunities” and also trade in electricity at hourly market prices, initiators of the project have said.
The Deputy Minister also mentioned the Tbilisi Silk Road Forum would be held in capital Tbilisi between October 26-27, in the first edition since the Covid-19 pandemic, to examine “factors defining regional and global trade and connectivity”. He said the Bank's “high-level involvement” in the Forum would be “crucial”.