European Investment Bank will open headquarters in Tbilisi

The European Union's leading financial institution, the European Investment Bank (EIB), will open a regional headquarters office in Tbilisi.

The announcement came after Georgia’s Finance Minister Nodar Khaduri met EIB Vice President Wilhelm Molterer in Washington on Tuesday, and stated the bank would implement and coordinate its regional projects from Georgia.

Khaduri believed the EIB’s existence in Georgia’s market would support financing investment projects in the private and public sectors.

The EIB was the only bank owned by and represented the interests of the European Union member states. The bank worked closely with other EU institutions to implement the EU policy.

The EIB has lent EUR 30 million to Georgia to continue with the rehabilitation and capacity increase of the East-West highway. This key road infrastructure linked Georgia’s capital Tbilisi and the country’s Black Sea ports with Turkey and Azerbaijan.

In 2012 the EIB granted a loan of EUR 170 million for the project.

The EIB loan will contribute to an upgrade and improvement of the most part of the East-West highway, connecting Zestaponi with Batumi-South 10km before the Turkish border at Sarpi, with a total length of 183km.

The project was expected to be implemented by the end of 2017.

The loan brings the EIB lending commitments in Georgia to EUR 490 million in support of projects developing the Georgian energy, water and road infrastructure and SMEs.

Meanwhile, the EIB financed projects in Georgia on the basis of an EU Council and European Parliament mandate for the countries of the Eastern Neighbourhood (Ukraine, Moldova, Georgia, Armenia, Azerbaijan and Russia) of EUR 3.85 billion for the 2007-2013 period. The current mandate provided for the financing of projects of significant interest to both the EU and its Eastern Neighbors in the areas of local private sector support, social and economic infrastructure and climate change. (Agenda.ge)