Georgia and EBRD sign 25 million euro loan deal
By Nazrin Gadimova
Georgia's Finance Ministry and the European Bank for Reconstruction and Development (EBRD) have signed a loan agreement worth 25.2 million euros that envisages the construction of a power transmission line from the Kavkasioni transmission line to the Jvari substation and a line between the Jvari and Khorga substations in Georgia.
The agreement was signed by Georgian Finance Minister Nodar Khaduri and EBRD Director for Caucasus, Moldova and Belarus Bruno Balvanera.
Moreover, Georgia's Energy Minister Kakha Kaladze, his deputy Ilia Eloshvili, Chairman of the Steering Board of Georgian State Electric System, Sulkhan Zumburidze, and representatives of the EBRD also attended the ceremony.
Earlier, ERBD Board of Directors aproved a new strategy on Georgia, which covers the top priorities of the bank in the country for the period 2013-2016.
EBRD has operated in Georgia since 1993 and to date it has funded the implementation of 159 projects worth around 1.8 billion euros. Almost 66 percent of the total liabilities of the bank in Georgia accounts for the finance sector, 19 percent for the energy sector, 11 percent for industry, commerce and agriculture, and about 4.5 percent infrastructure.
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