NEWS

EIB supports upgrade of road infrastructure in Georgia with 170 million euros

22-05-2012

The European Investment Bank (EIB) is lending €170 million to Georgia to upgrade and rehabilitate its East-West highway in the largest EIB loan ever granted to Georgia and the first supporting Georgia’s transport sector.

 
A press release said the loan would finance a priority transport infrastructure linking Georgia’s capital and its Black Sea ports with Turkey and Azerbaijan, namely the construction of 52km of new motorway between Samtredia and Grigoleti at the most Western part of the East-West highway, as well as the rehabilitation of 16km of existing roads leading South from Grigoleti. 
 
EIB Vice-President Wilhelm Molterer described the East-West highway as a key transport axis in Georgia, which is of great importance not only for Georgia and its neighbouring countries, but also for the EU as a strategic transit route for road transport between Europe and Central Asia.
 
“Better transport links are crucial to improving Georgia’s economic cooperation with neighbouring countries and its other trading partners, strengthening the competitiveness of the region and increasing transport safety and capacity with positive consequences for the quality of life of the country’s citizens,” said Molterer.
 
This is the seventh EIB loan to Georgia, bringing the EIB lending commitment in the country to €360 million. The Bank finances projects in Georgia on the basis of an EU Council and European Parliament mandate for the Eastern Partner Countries (Ukraine, Moldova, Georgia, Armenia, Azerbaijan) and Russia. The mandate of €3.8 billion covers the period 2007-2013. (EU Neighbourhood Info)
 
Read more
 
Press release
 
Factsheet EIB financing in the EU’s Eastern Neighbours
 
EU Delegation to Georgia
 
EU Neighbourhood Info Centre Georgia
 
 
 
 

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