EBRD to support upgrade of up to 12 metro stations in Tbilisi
The European Bank for Reconstruction and Development (EBRD) will provide Tbilisi Transport Company with a loan of up to €50.6 million for financing the upgrade of up to 12 metro stations.
The agreement was signed on 17 January in the Georgian capital during a visit by Mark Bowman, vice President for Policy and Partnerships at the EBRD.
The new loan is a continuation of a broader effort, some of which aims to encourage people to switch from private to public transport. Improved lighting and ventilation and more energy-efficient escalators will improve the daily journeys of Tbilisians, while an overhaul of drainage systems will make the network more resilient to climate change.
With a population of 1.2 million, Tbilisi was one of the first cities to join the EBRD’s flagship Green Cities programme, which supports members in addressing their environmental challenges through sustainable investments and policies. The city was also one of the first to develop a Green City Action Plan (GCAP).
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Agreements were signed today by and between Georgia and European Bank for Reconstruction and Development (EBRD) envisaging the modernization of metropolitan transport in Tbilisi.
Loan and Grant Agreements were signed by H.E. Lasha Khutsishvili, Minister of Finance of Georgia and Mark Bowman, EBRD Vice President for Policy and Partnerships during his working visit to Georgia held within the scope of a Caucasus Tour.
Financial resources in the volume of around 55.6 million Euros will be used for the rehabilitation of underground metropolitan stations in Tbilisi and refurbishment of escalators.
Project will be implemented by the Mayor’s Office in the Municipality of Tbilisi through Tbilisi Transport Company (TTC).
Mark Bowman, EBRD Vice President for Policy and Partnerships is visiting Georgia together with Matteo Patrone, EBRD Managing Director for Eastern Europe and the Caucasus (EEC).
This visit was preceded by a series of meetings held by H.E. Odile Renaud-Basso, EBRD President in Tbilisi in September 2022.
The current visit aims to review the upcoming projects of EBRD to be implemented both in the private and public sectors of the country. -
Today, the European Union will disburse the first €3 billion of the €18 billion macro-financial support agreed in December. This was announced by the President of the European Commission, Ursula von der Leyen.
“Helping Ukraine meet its financing needs to face the Russian aggression is both crucial and urgent,” von der Leyen wrote on Twitter. “The Commission is acting with utmost speed and determination.”
The aim of this emergency assistance is to provide short-term financial relief, financing Ukraine’s immediate needs, rehabilitation of critical infrastructure and initial support towards sustainable post-war reconstruction, with a view to supporting Ukraine on its path towards European integration. The loans will have a 10-year grace period.
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European Bank for Reconstruction and Development (EBRD) Vice President for Policy and Partnerships Mark Bowman and Managing Director for Eastern Europe and the Caucasus Matteo Patrone will tour the Caucasus from 16 to 19 January, first visiting Armenia, then Georgia, before concluding their trip in Azerbaijan.
The purpose of the trip is to discuss upcoming projects in both the private but also public sectors. Discussions on financial resilience, policy reform and the preparation for the Bank’s upcoming new country strategies are also on the agenda.
The visit follows EBRD President Odile Renaud-Basso’s recent tour of the Caucasus in September.
In all three countries, the delegation will meet the political leadership, diplomats, international development partners, leaders of the business community and the Bank’s existing partners.
While in Tbilisi, Mark Bowman is also expected to sign a sovereign loan agreement with the Ministry of Finance of Georgia for the rehabilitation and upgrade of up to 12 metro stations in the capital.
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