Georgia will receive €735m for 10-year energy development plan
Monday, December 12International financial institutions are pledging to offer Georgia €735 million to support the country as it implements much-needed upgrades to its power transmission system.
In the near future the Government of Georgia announced it will approve a 10-year development plan for the power transmission grid.
The Action Plan for 2017-2027 will be presented by Georgia’s Ministry of Energy and will include plans to significantly modernise the country’s transmission grid system.
To help Georgia fund the power development plan, several international financial institutions including the German development bank (KfW), European Bank for Reconstruction and Development (EBRD) and the World Bank will offer €735 million to Georgia.
We believe Georgia’s energy efficiency will be improved, which will lead to technical improvement of export and import of energy. As a result, Georgia will gain greater integration in the regional network,” said Georgia’s Prime Minister Giorgi Kvirikashvili.
It is a very important project also in terms of investments that may be attracted to energy generation plants operating in Georgia,” he added.