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Friday, January 27, 2023

EBRD provides €55.6 million to modernize metropolitan transport in Tbilisi

Tbilisi: The European Bank for Reconstruction and Development (EBRD), has provided about €55.6 million for the modernization of the metropolitan transport in the Georgian capital, Tbilisi. The loan and grant agreements on the same were signed by the Finance Minister of Georgia, Lasha Khutsishvili, and Mark Bowman, EBRD Vice President for Policy and Partnerships, during his working visit to Georgia held within the scope of a Caucasus Tour.

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Tbilisi: The European Bank for Reconstruction and Development (EBRD), has provided about €55.6 million for the modernization of the metropolitan transport in the Georgian capital, Tbilisi. The loan and grant agreements on the same were signed by the Finance Minister of Georgia, Lasha Khutsishvili, and Mark Bowman, EBRD Vice President for Policy and Partnerships, during his working visit to Georgia held within the scope of a Caucasus Tour.

The financial resources in the volume of around 55.6 million Euros will be used for the rehabilitation of underground metropolitan stations in Tbilisi and the refurbishment of escalators. The project will be implemented by the Mayor’s Office in the Municipality of Tbilisi through Tbilisi Transport Company (TTC).

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Mark Bowman, EBRD Vice President for Policy and Partnerships, is visiting Georgia together with Matteo Patrone, EBRD Managing Director for Eastern Europe and the Caucasus (EEC).

This visit was preceded by a series of meetings held by H.E. Odile Renaud-Basso, EBRD President in Tbilisi, in September 2022.

The current visit aims to review the upcoming projects of EBRD to be implemented both in the private and public sectors of the country.

During the visit to Georgia, the members of the government met Mark Bowman, Vice-President of the European Bank for Reconstruction and Development on Policy and Partnership.

The meeting was attended by Minister of Finance Lasha Khutsishvili, Minister of Regional Development and Infrastructure, Irakli Karseladze, Minister of Labor, Health and Social Protection, Zurab Azarashvili.

The parties reviewed specific directions of sectoral cooperation – infrastructure projects, including hearing on the progress of the Subhesi-Kobi tunnel construction, economic and structural reforms, health care EBRD-supported programs, projects of regional importance aimed at increasing connectivity in the Black Sea region, and more.

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Considering the current macroeconomic, monetary and fiscal parameters of the country, it was noted that, despite the challenges in the region, the Georgian economy maintains high and steady growth. In the end , the parties expressed hope that the partnership, both structural and economic reforms, will continue in the future as well.

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