Business
Posted:
3 years ago
EIB Approves EUR 107 Million to Georgia for Rehabilitating Highways to Armenia and Azerbaijan
The European Investment Bank (EIB) has approved a loan of EUR 106.7 million to Georgia for rehabilitating two international highways to Armenia and Azerbaijan: Algeti-Sadakhlo 30-km highway and Rustavi-Red Bridge 32-km highway.
According to the Georgian Infrastructure Ministry, EIB has already allocated investments of approximately EUR 1 billion to Georgia for developing highway infrastructure.
“After the project completion, the rehabilitated modern and safe highway sections will connect Georgia with Armenia and Azerbaijan and serve passengers and cargo transportation. Both sections will improve entrepreneurial and residential conditions in the country and the region”, the Ministry’s statement reads.
As noted by Infrastructure Minister Irakli Karseladze, the EIB decision will help Georgia strengthen road infrastructure connecting with the neighboring countries.