Georgian Finance Minister, World Bank Regional Director sign deal on geophysical, geotechnical study of Black Sea bottom

It added the project would be implemented by the Georgian State Electrosystem, with its Director General Giorgi Gigineishvili also signing the agreement. Photo: Ministry of Finance

Agenda.ge, 09 Jun 2024 - 12:34, Tbilisi,Georgia

Georgian Finance Minister Lasha Khutsishvili and Rolande Pryce, the World Bank Regional Director for the South Caucasus, on Saturday signed a loan agreement for a geophysical and geotechnical study of the bottom of the Black Sea, the Ministry said.

The Ministry noted the International Bank for Reconstruction and Development would allocate €32 million as a loan for the project, which also involves technical assistance in “institutional, legal and financial matters”.

We have signed a Agreement within the scope of a Program on Enhancing Energy Security through Power Interconnection & Renewable Energy on €32 400 000 by and between 🇬🇪 and #IBRD

This regional project benefits all parties involved. pic.twitter.com/xJwTBXXtKz
— Lasha Khutsishvili 🇬🇪 (@Lasha_Khutsish) June 8, 2024

The body also said the deal was coming as a part of phase one of a programme for strengthening energy security through interconnection and a renewable energy.

It added the project would be implemented by the Georgian State Electrosystem, with its Director General Giorgi Gigineishvili also signing the agreement.