European Investment Bank allocates large soft loan for Georgia
Tbilisi, Georgia, Nov. 28
By Nana Kirtzkhalia - Trend:
A financial agreement was signed in Vilnius on Nov. 28, according to which Georgia will receive a 30 million euros soft loan from the European Investment Bank. The agreement was signed by the Vice-President of the European Investment Bank, William Molterer and Georgian Minister of Economy and Sustainable Development, Giorgi Kvirikashvili.
The construction of Kobuleti section of the Samtredia-Grigoleti highway in Georgia will be financed with the second tranche of the European Investment Bank.
"This is a long-term 30-year loan on favourable conditions. Grace period is 10 years. Development of the infrastructure is very important for us. We also proposed the European Investment Bank to open a representative office in Georgia," the minister said.
The agreement for the first tranche of the loan was signed in 2012. According to its terms, some 170 million euros were allocated to Georgia for the construction of several sections of the East-West speed motorway.