The FINANCIAL -- The European Investment Bank (EIB) reports about an extension of two loans to Georgia to finance urban reconstruction and the improvement of key infrastructure. A €100 million loan will be used to address the damage caused by the 2015 floods in Tbilisi and a separate €49.45 million loan will fund upgrades to the E-60 East West Highway, a vital link between western and eastern Georgia, states the EIB press release.
According to the EIB, the loan for flood recovery is designed to finance the emergency and short-term recovery needs in areas in and around Tbilisi. It will be used to restore basic services, rehabilitate key infrastructure and drive economic recovery. The loan for the East-West Highway will support the construction of a 14.1 km two-lane carriageway between Zemo Osiauri and Chumateleti, part of the development of 388 km of the E-60 East-West Highway, sections of which have already received EIB funding.
"These new EIB funds add to the EU's already wide-ranging support for the development of Georgia and highlight our commitment to improving the living conditions of a growing number of Georgians" said Janos Herman, Ambassador of the EU to Georgia.
Since the start of its operations in Georgia in 2010, the EIB has signed loans worth €700 million in the country to support projects in the energy, transport and water sectors, and,indirectly through commercial banks, operations assisting small and medium-sized enterprises.