EBRD Finances the Modernization of the Tbilisi Subway

Georgia is to benefit from a €75 million sovereign loan. €65 million will be provided by the EBRD and €10 million by the Green Climate Fund (GCF) and the money will be used for the modernization of the metro network, and the provision of new rolling stock.

In particular, the money will finance the purchase of 40 modern metro cars, while also modernizing a depot and a tunnel.

EBRD has provided the investment as a part of the EBRD Green Cities program, and follow-on investment under Tbilisi’s Green City Action Plan (GCAP).

“The metro upgrade and new rolling stock will improve the reliability, safety, and efficiency of public transport and provide commuters with a comfortable and environmentally friendly means of transport,” writes the EBRD.

Georgia Minister of Finance Ivane Matchavariani has gave a comment on the EBRD investment “The European Bank for Reconstruction and Development is one of the leading institutions providing financial assistance to Georgia in the fight against COVID-19. The new financial resources allocated by our partners will be used for one of the most important priorities – municipal transport, including the rehabilitation of the Tbilisi subway, as well as the purchase of a new type of modern carriages, necessary steps to ensure the safe movement of our citizens. I would like to thank the management of the Bank and the head of its regional office, Ms. Catarina Bjorlin Hansen, for the close cooperation and the assistance provided to Georgia. In the context of the Covid-19 pandemic this support is of great importance for the development of our country.”

Read the EBRD article here.

By Nini Dakhundaridze  

Image source: EBRD