EIB grants 106.7 mln euros to upgrade main highway in Georgia
The European Investment Bank (EIB), the European Union’s bank, has provided a 106.7 million euro loan to Georgia for the upgrades of the East-West highway, the ex-Soviet country’s main road artery.
The loan from the EU bank will finance two upgrades that will extend the existing highway to the borders with Armenia and Azerbaijan.
The operation is designed to improve road safety on the motorway, cut travel times, reduce vehicle operating and maintenance costs, and increase the economic and territorial cohesion of Georgia.
The loan comes on top of the 170 million euros that the EIB invested in Georgia’s small and medium-sized enterprises and healthcare system during 2020.
To date, the EIB has invested around one billion euros in the East-West highway project, which represents nearly half of its total investments in Georgia.
Jul 5, 2021