Asian Infrastructure Investment Bank offers $114m to Georgia
Monday, June 19Georgia and the Asian Infrastructure Investment Bank (AIIB) signed a financial deal about helping Georgia construct the Batumi Bypass Road in the country’s Adjara region, with a $114 million financial resource.
The financial deal between Georgia and the AIIB has been signed in South Korea, within the AIIB annual meeting today.
The project implementation will start in 2017 and will be completed by 2022.
Currently the road goes through the touristic and residential zones of Batumi, which creates problems for international transit.
The AIIB is a multilateral development bank that focuses on the development of infrastructure and interconnectivity in Asia.
At the same time, an agreement has also been signed between the AIIB and the Asian Development Bank (ADB) on cooperation in the Batumi Bypass Road project.
The ADB has allocated €108 million to help improve regional connectivity and road transport efficiency in Georgia, while strengthening the country’s bid to become a regional transport and logistics hub.