Georgia to finance two projects with ADB’s loan tranche

Photo: Georgia to finance two projects with ADB’s loan tranche
 / Georgia

Tbilisi, Georgia, Dec. 19

By Nana Kirtzkhalia - Trend:

Asian Development Bank (ADB) has approved the third loan tranche of $73 million for Georgia as part of the urban transport investment program.

Two projects of national importance will be financed within the loan.

In this regard, the project agreement was signed at the Georgian Finance Ministry.

Both the loan agreement and the project agreement were signed from the ADB by the Director General of the bank's Central and West Asia Department (CWRD) Klaus Gerhaeusser, Municipal Development Fund of Georgia said.

From the Georgian side the loan agreement was signed by Finance Minister Nodar Khaduri, while project agreement was signed by executive director of the Municipal Development Fund, Elgudja Hokrishvili.

"Under the loan agreement, Georgia will receive $73 million from the bank. Two projects of national importance will be financed as part of the loan - specifically, the modernization of the second section of Tbilisi-Rustavi highway, the project cost of which is $65.5 million, and the second phase of bank protection works in Anaklia costing $7.5 million," the fund said.

Translated by E.A.

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