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Add to Preferred SourcesGeorgia will be better connected to the European Union and enjoy safer travel conditions within the country thanks to financial and technical aid from the EU. The European Investment Bank (EIB) and other EU institutions have announced their support for a wide-ranging programme of transport infrastructure upgrading approved by the government of Georgia, which includes key works on the country’s East-West Highway.
The EIB will lend EUR 250m to finance an extended upgrade of Georgia’s East-West Highway. This will include road sections with a total length of around 100 km that are among the Georgian Government’s priority projects. Following its implementation, the project will have multiple benefits. It will increase Georgia’s global connectivity to Europe by improving road safety and travel conditions, lowering travel times and reducing vehicle operating and maintenance costs. It will enhance the Georgian population’s local mobility and access to social services and economic activities. In terms of employment, the programme is expected to generate the equivalent of some 23,000 person-years during the construction works.
EIB Vice-President Vazil Hudák commented: “With this new loan the EIB is consolidating its position as a top financier of infrastructure in Georgia. We will contribute to improved mobility – a prerequisite for productivity growth – and road safety along a long segment of the East-West Highway. EU engagement will thus bring more tangible benefits to the Georgian people.”
The EIB loan is fully covered by the European Union’s Comprehensive Guarantee and brings to EUR 750m the total lending committed by the EU bank for transport infrastructure projects in Georgia. Overall, the EIB loans will finance transport connectivity projects worth a total of EUR 1bn in Georgia.
Original source: EIB
Published on 19 February 2019