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Fri March 22 2019

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EU steps up support for Georgian road construction

20 Feb Some 23,000 person-years of employment are set to be created during construction of a Georgia highway project that has secured EU funding.

The European Investment Bank (EIB) and other EU institutions have announced funding for construction, rehabilitation and improvement of the safety of the East-West Highway, which forms part of the extended Trans-European Transport (TEN-T) Network.

A €250m (£225m) loan will be used upgrades along road sections with a total length of about 100km. The project also benefits from a €6.1m technical assistance grant provided by the European Union under the Neighbourhood Investment Platform.

The EIB loan brings to €750m the total lending committed by the EU bank for transport infrastructure projects in Georgia. A previous €500m loan, divided into two equal tranches, was signed in December 2016 and June 2017. The EU bank financed the new construction and rehabilitation of road sections with an total length of nearly 39 km. Overall, the EIB loans will finance Georgian transport projects worth a total of €1bn.

EIB vice-president Vazil Hudák said: “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.”

MPU

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