Deputy Economy Minister, World Bank head discuss cooperation, Black Sea submarine cable project
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”. Photo: Economy Ministry
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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”.
The European Union “strongly supports” the Black Sea submarine cable project, a new transmission route to deliver green energy from Azerbaijan to Europe, and hopes the South Caucasus will become a “very important” source of energy for Europe, Paweł Herczyński, the Ambassador of the European Union to Georgia, said on Thursday.
Officials from Georgia, Azerbaijan, Romania and Hungary on Thursday met in the Georgian capital city of Tbilisi to discuss various stages of the implementation of the Black Sea submarine electricity cable project, a new transmission route to deliver green energy from Azerbaijan to Europe, the Georgian Ministry of Economy announced.
Georgian Government officials and professionals from the Italian consulting company CESI on Tuesday visited western Georgia's Black Sea coastal town of Anaklia to select the approximate route and locations for the Black Sea submarine electricity cable project, an international initiative to connect the South Caucasus power grid to that of Europe.
Oliver Varhelyi, the European Union Commissioner for Neighbourhood and Enlargement Policy, on Sunday announced the bloc would allocate €17 billion for the economic and investment plan of its Eastern Partnership initiative, including €2.3 billion in estimated total investments for the Black Sea Strategic Submarine Electricity Cable.
Strategic cooperation between Georgia and the United States and the partnership in trade, transport and energy were discussed on Saturday in a meeting between the Georgian Deputy Economy Minister Genadi Arveladze and Heidi Gomez, the US Deputy Assistant Secretary of State.
Trade, economic and investment cooperation between Georgia and the United Kingdom was discussed on Wednesday in a meeting between Georgia’s Deputy Economy Minister Irakli Nadareishvili and Malcolm Offord, the UK Minister for Exports.
Georgian Deputy Economy Minister Genadi Arveladze on Sunday discussed priority areas of economic cooperation between Georgia and the United States and its further development prospects with Carlos DeJuana, Managing Director of US International Development Finance Corporation and Alexander Sokolowski, Deputy Assistant Administrator in the Bureau for Europe and Eurasia at USAID.
Georgian Infrastructure Minister Irakli Karseladze and Agriculture Minister Otar Shamugia on Thursday held meetings with the newly appointed World Bank Regional Director for the South Caucasus Rolande Pryce, discussing cooperation.