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4.3 Fixed investment
EIB backs three major infrastructure projects in Georgia
The European Investment Bank (EIB) is to support three infrastructure projects in Georgia as part of its $3.7bn COVID-19 Worldwide Support programme.
The first project is the construction of the Algeti-Sadakhlo road, of around 30 kilometres). It will connect a transit corridor of the E-60 Highway to the Armenian border.
The second project is Rustavi Red Bridge, connecting Georgia to Azerbaijan. It forms part of the E-60 highway and the extended Trans-European Transport Network (TEN-T) core network in Georgia.
Finally, EIB will finance the development of a new fibre optic network providing broadband internet access to more than 1,000 remote rural villages across the country.
Business investment, renewable energy and upgrading hospitals, schools, internet services and urban infrastructure will be accelerated by the new financing approved on March 11 by the EIB.
The European Bank for Reconstruction and Development (EBRD) has approved additional headroom for the next phase of its large-scale partnership with the Green Climate Fund (GCF).
An extension of the cooperation by $497mn would support thousands of individual investments in technologies that cut emissions and enhance resilience to climate change, it said.
The GCF-EBRD Green Energy Financing Facilities (GEFF) programme, inaugurated in 2018, spans three regions and directs new climate finance flows to Armenia, Egypt, Georgia, Jordan, Republic of Moldova, Mongolia, Morocco, Serbia, Tajikistan and Tunisia. Sums lent to local partner financial institutions are on-lent to private sub-borrowers for investments in climate change mitigation and adaptation projects.
“The new extension will help maintain momentum and continue scaling up gender-responsive green financing,” the EBRD said, adding: “It is estimated that the latest extension will avoid CO2 emissions of 800,000 tonnes per year, which is equivalent to retiring 125 MW of coal-fired electricity generation capacity. The extension enhances women and men’s equal opportunity to access green finance and technologies with a view to reducing existing gender gaps.”
EBRD backs $0.5bn extension in Green Climate Fund partnership
22 GEORGIA Country Report April 2021 www.intellinews.com