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EIB to give Georgia 250M euros for East-West highway construction

Business Materials 24 April 2017 20:45 (UTC +04:00)
Georgia will sign a new 250 million euros worth agreement with the European Investment Bank (EIB), Sputnik Georgia quoted the country’s Finance Minister Dmitry Kumsishvili as saying.
EIB to give Georgia 250M euros for East-West highway construction

Baku, Azerbaijan, Apr. 24

By Leman Zeynalova – Trend:

Georgia will sign a new 250 million euros worth agreement with the European Investment Bank (EIB), Sputnik Georgia quoted the country’s Finance Minister Dmitry Kumsishvili as saying.

“These funds will be spent on construction of the East-West highway,” Kumsishvili told reporters.

The minister noted that EIB doubled the volume of investments in Georgia in 2016 and its portfolio stood at 1 billion euros.

In 2016, the European Investment Bank (EIB) allocated funds to Georgia for the development of the automobile infrastructure, agriculture and processing industry, as well as infrastructure development, including the restoration of Tbilisi's infrastructure damaged as a result of the June 2015 flood.

With a total length of about 185 kilometers, the East-West highway is the main artery for long distance road traffic in Georgia. This highway is also part of the Pan-European corridor linking the EU with Central Asia through Caucasus and part of the Transport Corridor Europe-Caucasus-Asia (TRACECA) program.

The development and upgrading of this key highway, which started in 2006, is one of the top priorities for Georgia since it will enhance the country's position as the main conduit of regional trade and passenger movements.

Taken as a whole, the project is expected to enhance the safety conditions of this major route for transport of goods and people between Asia and Europe, thus improving trade and boosting the region's economy.

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