Georgia, Tbilisi, June 7 / Trend N.Kirtzkhalia /
Georgia and the World Bank signed an agreement on financing of the fourth east-west highway project (Agar-Zemo Osiauri section).
In order to implement the project, the World Bank will allocate financial resources on concessional terms in the amount of approximately $75 million, $38 million of which is to be allocated by the International Bank for the Reconstruction and Development (IBRD) of the World Bank.
About $37 million will be allocated by the International Development Association (IDA) of the World Bank.
This new investment in the program of recovery of the highway is allocated to upgrade the most important transport corridor in Georgia.
The agreement was signed by the Minister of Finance of Georgia Nodar Khaduri and World Bank Country Director for the South Caucasus Henry Kerali.
According to Khaduri, the purpose of the project is to provide an automobile connection of Azerbaijan with the Georgian Black Sea coast on a good highway.
"In the course of this project, the work which will deepen the positive steps provided by the third project, will be financed. Within the current strategy between with Georgia, the World Bank also supports the efforts aimed at improving the capacity of institutions working in the field of roads construction," Henry Kerala said.
He went on to note that according to this strategy, travel time and costs on transit roads should be reduced and the road safety should be improved in order to enhance the competitiveness.