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EIB continues to support Georgia’s East-West highway with EUR 30 million

European Investment Bank - BEI/13/199   28/11/2013

Other available languages: none

PRESS RELEASE

BEI/13/199
Vilnius/Tbilisi, 28 November 2013

EIB continues to support Georgia’s East-West highway with EUR 30 million

The European Investment Bank (EIB) lends EUR 30 million to the Republic of Georgia to continue with the rehabilitation and capacity increase of the East-West highway. This key road infrastructure links Georgia’s capital Tbilisi and the country’s Black Sea ports with Turkey and Azerbaijan. In 2012 the EIB already granted a loan of EUR 170 million for the project.

EIB Vice-President Wilhelm Molterer who signed the loan today at the Eastern Partnership Business Forum preceding the 3rd Eastern Partnership Summit, stated: I welcome very much that EIB funds help implement one of the country’s top priorities: to further develop Georgia’s competitiveness as a transit country by improving its transport corridors. Particularly the East-West highway, being a crucial transport axis in Georgia, is of utmost significance not only for Georgia and its neighbouring countries, but also for the European Union as it is a strategic transit corridor between Europe and Central Asia.”.

The EIB loan will contribute to an upgrade and improvement of the westernmost part of the East-West highway connecting Zestaponi with Batumi-South 10 km before the Turkish Border at Sarpi in a total length of 183 km. The project is expected to be implemented up to the end of 2017.

The loan brings the EIB lending commitments in Georgia to EUR 490 million in support of projects developing the Georgian energy, water and road infrastructure and SMEs.

Background

The EIB – the European Union’s bank – finances projects in Georgia on the basis of an EU Council and European Parliament mandate for the countries of the Eastern Neighbourhood (Ukraine, Moldova, Georgia, Armenia, Azerbaijan and Russia) of EUR 3.85 billion for the period 2007-2013. The current mandate provides for the financing of projects of significant interest to both the EU and its Eastern Neighbours in the areas of local private sector support, social and economic infrastructure and climate change.

Press contact:

Dušan Ondrejička, d.ondrejicka@eib.org, tel.: +352-4379-83334

Website: www.eib.org/press - Press Office: +352 4379 21000 – press@eib.org


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