Azerbaijan, Baku, March 17 / Trend , N. Kirtskhalia /
Georgian Finance Ministry today held a ceremony signing of agreement on allocation by European Bank for Reconstruction and Development a loan worth 80 million euro for construction of Georgia - Black Sea high-voltage power lines.
The document was signed by Georgian Deputy Finance Minister Dimitri Gvindadze and European bank's President Thomas Mirow. The ceremony was also attended Georgian Energy Minister Alexander Khetaguri.
It was stressed at the meeting that the loan will be used for implementation of the project high-voltage power lines connecting the power system of Georgia and Turkey, as well as construction of a new substation in Akhaltsikh on the border with Turkey.
The project, which is one of the largest projects in hydropower in terms of attracting investors and increasing export capacity, along with the European Bank for Reconstruction and Development is also funded by the European Investment Bank.
Khetaguri said that the new high-voltage power lines will significantly improve the safety of electricity supply and assist in ensuring the energy security of Georgia and the Black Sea countries.
"Also, unification of energy systems of Georgia and Turkey will allow Georgia to export electricity surpluses to Turkey. This project will lay the groundwork to attract new investment in power generation given the priorities in the energy sector," the minister noted.