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Georgia to receive 450 mln EUR from EIB

Georgia to receive 450 mln EUR from EIB

European Investment Bank (EIB) will allocate 450 million Euros to Georgia for the development of road infrastructure, agriculture as a sector and production in agriculture at large. It was noted at the meeting of Mr. Jan Vapaavuori, Vice President of EIB with H.E. Giorgi Kvirikashvili, Prime Minister of Georgia today.

EIB will thus allocate 250 million Euros for the construction of new roads and rehabilitation of the existing priority routs; 100 million Euros will be disbursed for the rehabilitation and upgrade of municipal infrastructure and another 100 million Euros – for the small and medium enterprises (SMEs) operating in agriculture and food production under the referred concessional long-term lending.

According to the Prime Minister of Georgia, funding from EIB is of particular significance inter alia for the spatial planning and large infrastructure projects being the key directions of the Four Point Plan of the Government of Georgia (GOG). Vice President of EIB focused on the great importance of the funding and noted that it will advance the living standards in the country and boost the competitiveness of Georgia.

Discussions were also related to investment projects, currently implemented in the country with EIB support. In the opinion of the Prime Minister of Georgia, presence of the Regional Office of EIB is highly commendable in the country, as it promotes investments and mutual cooperation.