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EBRD to Allot 6 million EUR to Georgia for Constructing Bridge with Armenia

EBRD to Allot 6 million EUR to Georgia for Constructing Bridge with Armenia

European Bank for Reconstruction and Development (EBRD) plans to finance modernization and reconstruction of Georgia-Armenia frontier point.

The loan agreement for Bagratasheni bridge construction on Georgia-Armenia border was signed on November 23, 2012. Under the agreement, EBRD will allocate 10.3 million EUR to Armenia, while EBRD is discussing issue of allocating a sovereign loan to Georgia to co-finance Sadakhlo-Bagratasheni bridge. Namely, EBRD is expected to allot 6 million EUR loan to Ministry of Regional Development and Infrastructure.

On the side of the Republic of Armenia, the modernisation programme is also co-financed by a loan from the European Investment Bank (EIB) and grant funding by the EU, the EU’s Neighbourhood Investment Facility (NIF) and the United Nations Development Programme (UNDP). Total investment value of the project is 64.1 million EUR.