EBRD to finance municipal infrastructure modernisation in Bakuriani

EBRD to finance municipal infrastructure modernisation in Bakuriani

The population of Bakuriani, a city in the Borjomi municipality of Georgia, will benefit from improved public transport and services thanks to a €5 million loan provided by the European Bank for Reconstruction and Development (EBRD). The EBRD is a leading institutional investor in Georgia. The Bank has invested over €3.8 billion in 252 projects.

EBRD allocated €5 million loan for municipal infrastructure modernization in Bakuriani resort.  The financing will help to acquire special vehicles for street cleaning, snow removal and waste collection, as well as to purchase multi-purpose trucks, and 10 modern buses for passenger transport, as reported by Georgian Public Broadcasting.

The new low-floor buses will considerably reduce emissions in this popular mountain and ski resort and offer more comfortable journeys. The EBRD is also providing technical cooperation funding aimed at training and promoting women for bus-driver roles, according to the information provided by European Bank for Reconstruction and Development.

Bakuriani is a small town in the central part of the country. It is one of the most-visited mountain and ski resorts in Georgia and famous for its climate and natural environment.

“This project will help to improve the quality of municipal services and safety measures in an important resort town. Improving Georgia’s municipal infrastructure, especially in the regions, is of paramount importance for the EBRD. The project will also help promote gender equality across the workforce,” said Catarina Bjorlin Hansen, EBRD Regional Director for the Caucasus.

The EBRD is a leading institutional investor in Georgia. Since the start of its operations in the country, the Bank has invested over €3.8 billion in 252 projects there, in the financial, corporate, infrastructure and energy sectors, with 89 per cent of these investments in the private sector.

Earlier this month, The European Bank for Reconstruction and Development has welcomed a set of key energy efficiency laws that are being adopted by the government of Georgia. The two new pieces of legislation – the Law on Energy Efficiency and the Law on Energy Performance of Buildings – are important milestones for Georgia in meeting its requirements under the Deep and Comprehensive Free Trade Agreement (DCFTA), as well as its membership of the Energy Community, an international agreement that brings the European Union and its neighbours together to create a pan-European energy market.

Also, on 15th of July it was announced that, The EBRD is providing a loan of up to US$ 100 million to Bank of Georgia (BoG) for on-lending to local private businesses to address the economic impact of the coronavirus pandemic. 

The EBRD is stepping up efforts to help combat the impact of the coronavirus and support the recovery. The Bank is committed to providing support worth €21 billion over 2020-21 to the 38 economies where it currently invests. The support includes a Resilience Framework for existing clients, offering short-term liquidity and working capital.

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Author: The FINANCIAL