EIB Disburses EUR 170 million to Upgrade Georgian Road Infrastructure
17 May, 2012

The European Investment Bank (EIB) is lending EUR 170 million to Georgia to upgrade and rehabilitate the East-West highway, which is a priority transport infrastructure linking Georgian capital Tbilisi and its Black Sea ports with Turkey and Azerbaijan.



This is the largest EIB loan ever granted to Georgia and the first supporting Georgia’s transport sector. The loan will finance the construction of 52 km of new motorway between Samtredia [important crossroad in west Georgia] and Grigoleti [the Black Sea resort]

at the most western part of the East-West highway, as well as the rehabilitation of 16 km of existing roads leading south from Grigoleti. Works will start from 2013.
“The East-West highway is a key transport axis in Georgia, which is of great importance not only for Georgia and its neighboring 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 neighboring 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,” EIB Vice-President Wilhelm Molterer stated on May 11, at the loan signature event in Tbilisi.
According to Dimitri Gvindadze, Minister of Finances of Georgia, the east-west highway is the most important strategic transport infrastructure to Georgia that is expected to facilitate Ajara, the Black Sea outlet and tourist center of Georgia, to become a regional trade, transit and logistics center. On the other hand, the project will boost development of neighboring Guria and Imereti regions too.
This is the seventh EIB loan to Georgia, bringing the EIB lending commitment in the country to EUR 360 million.

 

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