Caspian Energy Journal Caspian European Club
Wednesday, 20 February 2019 15:00

Georgia, EIB sign a milestone Financial Agreement

Georgia, EIB sign a milestone Financial Agreement

The allocation of 250 million euro in financial resources by the European Investment Bank (EIB) to Georgia, and the successful cooperation between the two parties has been discussed during the meeting between Prime Minister of Georgia Mamuka Bakhtadze and EIB Vice President Vazil Hudák at the Administration of the Government of Georgia, Caspian Energy News ( reports with reference to the press office of the Prime Minister of Georgia.

 “Today we are signing a milestone Financial Agreement between Georgia and European Investment Bank (EIB) on the allocation of a loan in the volume of 250 million Euros. It is a very important financial support to our country enabling an active development of vital infrastructure projects. Financial resources allocated by the EIB will be aimed at the implementation of specific projects, like construction and rehabilitation of Rustavi-Red Bridge and Rustavi-Sadakhlo fragments of the highway. The referred roads are significant segments of the road and transport backbone of Georgia. They lead to the increased competitiveness of the country and enhanced transit role played by Georgia”, Prime Minister of Georgia Mamuka Bakhtadze said.

The meeting emphasized partnership in transport and municipal infrastructure modernization, SME assistance, and energy security, and the far-reaching projects implemented in the country with EIB financing. Among others, the conversation involved EIB's InnovFin project designed to finance innovative projects which, according to the parties, will significantly boost the development of innovative projects in Georgia.

As of today, EIB has financed about 1.33 billion euro worth of investment projects in the public sector, while also having allocated 215.8 million euro for the private sector.

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Person in charge of the newsline: Olga Nagiyeva 

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