EBRD to assist in financing road construction in Georgia

Finance Materials 3 October 2019 13:19 (UTC +04:00)

Baku, Azerbaijan, October 3

By Tamilla Mammadova – Trend:

The European Bank for Reconstruction and Development (EBRD) has approved provision of $60 million to co-finance the construction of the Georgian Kvesheti-Kobi road, including construction of one 9 km long tunnel, which is part of the North-South corridor, Trend reports with reference to the Ministry of Regional Development and Infrastructure of Georgia.

According to the ministry, the Asian Development Bank (ADB) has already allocated $415 million for the project, and the state contribution will amount to $83.6 million.

Within the construction of the Kvesheti-Kobi road, it is planned to build 22.7 km of a 2-lane asphalt concrete road, six bridges and five tunnels, including one 9-km tunnel.

The width of the 9-kilometer Kvesheti-Kobi tunnel will be 15 meters, which is quite rare not only in Transcaucasia, but also in the world, the ministry said. Thus, the tunnel will be included in the list of tunnels with the largest diameter.

The total cost of the construction of the Kvesheti-Kobi road and tunnel totals 1.2 billion lari.

The project will improve communications, access and security along the North-South corridor and also contribute to economic development of the country. This project is a priority for the Georgian government and is part of a comprehensive road rehabilitation program aimed at turning Georgia into a transport, logistics and trade hub connecting Europe and Asia.

(1 USD=2.97 GEL on October 3)