The World Bank Group, showing its commitment to supporting Georgia’s energy sector, has allotted significant financial resources for a detailed geophysical and geotechnical study of the bottom of the Black Sea.
The Black Sea is a marginal Mediterranean sea between Europe and Asia, east of the Balkans, south of the East European Plain, west of the Caucasus, and north of Anatolia. Bulgaria, Georgia, Romania, Russia, Turkey, and Ukraine bound it.
A loan agreement of significant importance was signed between Georgia and the International Bank for Reconstruction and Development – “Detailed Geophysical and Geotechnical Study of the Black Sea Bottom” (Strengthening Energy Security through the Energy Interaction and Renewable Energy Program Multiphase Program Approach Phase I). This project holds immense potential for the energy sector, and they are excited to share this news with the public.
The agreement was signed by Lasha Khutsishvili, the Minister of Finance, and Roland Price, the Regional Director of the World Bank in the South Caucasus.
IBRD will allocate financial resources in the amount of 32,400,000 euros as a loan to implement the project.
The project involves a detailed geophysical and geotechnical study of the Black Sea floor and technical assistance, institutional, legal, and financial matters.
The SS’ Georgian State Electricity System’ will play a pivotal role in the project, overseeing its implementation and ensuring its success.
The project agreement was also signed by Giorgi Gigineishvili, the General Director of SS “Georgian State Electricity System,” and Roland Price, the Regional Director of the World Bank in the South Caucasus.
World Bank Group
The World Bank Group is a family of five international organizations that make leveraged loans to developing countries. It is the world’s largest and best-known development bank and a United Nations Development Group observer. The bank is headquartered in Washington, D.C., in the United States.
