European Investment Bank Allocates €450mln for Georgia

TBILISI – Georgia will get €450 million from the European Investment Bank (EIB) in order to implement three major projects, regarding development of agriculture, infrastructure and municipal infrastructure.

Three agreements were signed by Georgia’s Finance Minister, Dimitry Kumsishvili and Vice President of EIB Jan Vapaavuori on December 9 in Tbilisi.

In particular, Georgia will get €250 million for “Transport Communication Project” which will be spent on rehabilitation of roads, including arrangement of East-West transit highway sections: Ubisa-shorapani and Grigoleti-Poti routes.

€100 million will be allocated for “Municipal Infrastructure Rehabilitation Project”, which will be spent of small infrastructural projects (roads, streets, water, sewer systems, etc.) in various regions of Georgia.

Another €100 million will be spent on “Georgia’s agricultural production / processing / realization chain project,” which will finance small and medium enterprises (SMEs) operating in agriculture and food production.

Prior the signing ceremony, Vice President of EIB Jan Vapaavuori met with Georgia’s Prime MINister, Giorgi Kvirikashvili.

PM noted that the funding from EIB was of particular significance and added that the spatial planning and large infrastructure projects were the key directions of the Four Point Plan of the Government of Georgia.

Vice President of EIB focused on the great importance of the funding and noted that it would advance the living standards in the country and boost the competitiveness of Georgia.

by Thea Morrison