Page 45 - GEORptNov18

500,000 people and solving problems with solid waste and landfills in the country.
Georgia and Asian Development Bank (ADB) have signed a contract under which the international financial institution is extending a $300mn loan to the South Caucasian country for the construction of the 12.2-kilometre Rikoti-Zestaponi pass road, which will be part of the East-West Highway (EWH).
The document was signed on October 5 by Minister of Finance Ivane Machavariani and ADB regional director Ieshi Elhan Kaialar. The new road infrastructure will ensure efficient and safe driving, cut driving time and develop tourism business, the development bank said.
“Georgia’s geographic location puts the country at the heart of trading and logistics activities not only in Central Asia, but in the rest of Europe and Asia, which opens up a lot of growth opportunities for the economy,” said ADB senior transport specialist for Central and West Asia Valerie Lisack.
The EWH, an integral part of one of the six key corridors connecting member countries of the Central Asia Regional Economic Cooperation (CAREC), currently carries about 60% of Georgia’s foreign trade despite representing only about 2% of the country’s entire road network length.
The 410-km highway, which serves about 13,000 vehicles per day with a traffic growth rate of over 10% annually since 2005, is not only crucial for the connectivity of international trade between the Caspian Sea and the Black Sea, but also essential for Georgia’s global market access and socioeconomic development.
The ADB previously financed the construction of the Kobuleti and Batumi bypass roads and the reconstruction of Kvesheti-Kobi, together with the European Bank for Reconstruction and Development (EBRD) and the construction of the Dzirula-Kharagauli-Moliti-Pona-Chumateleti roads.
9.1.5 Tourism sector news
Tourists are increasingly visiting far flung destinations in Eastern Europe and Eurasia that are not part of the usual tourist trail. Data from the WNWTO shows that in terms of spending by tourists, the largest increases between 2010 and 2017 were seen in Azerbaijan, Georgia and Tajikistan — all of which experienced an increase of 300% or over in the seven year period.
45 GEORGIA Country Report November 2018 www.intellinews.com