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Georgian Railway to Proceed without EBRD Loan

Published: November 7, 2011 | 4:54 pm
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The COMMERCIAL TIMES

November 7- Following extensive discussions between both parties, Georgian Railway LLC will pursue the construction of a new bypass to re-route rail traffic outside the centre of Tbilisi without financing from the European Bank for Reconstruction and Development.

The company has chosen to restructure the implementation of the project, which is designed to improve the efficiency and safety of rail operations and free more than 70 hectares of land in the Georgian capital for urban renewal projects.

The EBRD had agreed last year to provide a ˆ100 million loan to help fund new track and develop the key east-west freight corridor, used for the transportation of oil and other products from Azerbaijan and central Asia to Georgia’s Black Sea ports and will now consider supporting other priority projects with the railways.

Since the start of operations in Georgia, the EBRD has invested approximately ˆ1.6 billion in 140 projects, and remains committed to developing the country’s infrastructure sector.

 

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