EIB provides €106.7mn to upgrade Georgia's east-west highway

By bne IntelIiNews July 1, 2021

The European Investment Bank (EIB) has provided €106.7mn to the Georgian government for upgrading Georgia’s East-West Highway and the extending of it to the borders with Armenia and Azerbaijan.

The funding follows the EIB’s March announcement of support for three projects in Georgia, including the two border sections of the highway and a new fiberoptic network.

The upgrade will cut travel times, improve road safety and improve connectivity within the South Caucasus region, according to a statement delivered by the EU Delegation to Georgia.

Specifically, the funds will finance the upgrading of a 30 km-long section between Algeti and Sadakhlo, bordering Armenia, and a 32 km-long section between Rustavi and the Red Birdge, bordering Azerbaijan.

Teresa Czerwinska, an EIB vice-president said that the loan expands support provided to Georgia amid the COVID-19 crisis, coming on top “of the EUR 170mn that EIB invested in the country’s SMEs and healthcare system during 2020 alone”.

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