ADB loan for Georgia's urban infrastructure
19 July 2010
The Asian Development bank has announced a US$ 300 million loan to Georgia to help fund the country's US$ 1.1 billion urban investment programme.
The money will be used to improve infrastructure in the capital Tbilisi and other urban centres including Anaklia, Batumi, Kutaisi, Mestia, Poti and Rustavi.
The government's plan is designed to help tackle the problem of rising congestion in these cities by improving infrastructure and public transport systems.
Funds from the ADB will be released in US$ 85 million packages, with the first payment earmarked for the extension of Tbilisi's metro system along with highway, pedestrian and bicycle infrastructure in various cities.
Commenting on the loan, ADB urban development specialist for central & west Asia, Aranaud Dauphin said, "This facility will be the first of its kind for the ADB in Central Asia as it promotes clean and sustainable urban solutions favouring public and non-motorised transport."
The ADB also said that because the programme is so large, it is considering working with other donor agencies such as the World Bank, European Investment Bank and European Bank for Reconstruction & Development to set up joint and parallel funding agreements.