EIB offers €100m for Georgia’s regional development
Tuesday, August 2
The European Investment Bank (EIB) is offering €100 million to develop and improve a variety of public services offered in Georgia, from building new roads to renovating schools and more.
The Municipal Development Fund of Georgia and EIB officials met today to discuss the future partnership details, which included this specific financial assistance for municipal infrastructure.
The group also spoke about the ongoing projects in Georgia that were financed by the EIB.
This week the EIB together with the European Union (EU) allocated an 11 million GEL (about $5 million/€5 million*) loan to Georgia.
This money will be spent on rehabilitating the central water system in Tsnori village in Georgia’s Kakheti region so its 5,500 residents can have 24 hour access to a clean, reliable water supply.
This was not the only financial assistance the EIB has offered to Georgia to help improve the lives of its citizens.
In October this year the EIB loaned €100 million to rehabilitate the water supply system in Georgia’s third largest city Kutaisi.
This money also was spent on financing the rehabilitation of the municipal sewerage system and construction of a mechanical biological wastewater treatment plant in Kutaisi.