Baku, Azerbaijan, June 19
Trend:
The International Bank for Reconstruction and Development, a member of the World Bank Group, provided Georgia with a loan of $62 million to implement projects to ensure the reliability of energy supply and financial recovery, Trend reports with reference to the website of the Ministry of Finance of Georgia.
On June 18, the loan agreement was signed by Georgian Finance Minister Ivane Machavariani and World Bank Regional Director Mercy Tembon. The Board of Executive Directors of the World Bank approved the loan for Georgia on May 24, 2019.
Ucha Uchaneishvili, Chairman of the Board of Management Companies of the State Electric System of Georgia, said that the allocated amount will be used to finance a very important project that will improve energy communication between the west and east of the country.
“The construction of a new 500 kilovolt line and substations will begin and additional power will be received from the Inguri river basin. first of all, it will increase the reliability of the network, and any malfunctions in the system will not have a significant impact,” Uchaneishvili said.
In turn, the World Bank Regional Director Mercy Tembon noted that the project aims to protect the regions from power cuts.
As reported, this project is fully consistent with the World Bank's strategy for cooperation with Georgia for 2019-2022 and will assist the Government of Georgia in achieving the strategy goals set at the national level.
(1 USD = 2.77 GEL on June 19)