Georgia, Tbilisi, March 26 / Trend , N.Kirtskhalia/
European Investment Bank (EIB) has allocated 80 million euros for the project to build Black Sea high-voltage power line. A loan agreement for the project was signed on March 27 by Vice-President of EIB and the Deputy Minister of Finance of Georgia.
The agreement envisages allocatinh 80 million euros, which is one of the components of financing project on electricity transmission lines (ETL). Agreement on allocation of 80 million euros for the construction of power lines was also coordinated with the European Bank for Reconstruction and Development last week. The project on power lines connecting Georgia and Turkey envisages constructing a new substation on the border with Turkey in Akhaltskhe.
Construction is funded by EIB, the European Bank for Reconstruction and Development and the German Bank for Reconstruction and Development. It is projected that construction will be completed in 2011.