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Ministry of Finance of Georgia to Sign a Tranche with ADB on Urban Service Improvement Investment Program

Published: December 1, 2011 | 3:06 pm
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The COMMERCIAL TIMES

Ministry of Finance of Georgia signed a second tranche with Asian Development Bank (ADB) in the frame of the Urban Service Improvement Investment Program. The program envisions water infrastructure improvement in Georgia’s tourism centers and big cities (Kutaisi, Poti, Zugdidi, Mestia and Anaklia).

The tranche agreement was signed by Dimitri Gvindadze, the Minister of Finance of Georgia and Kathie M.Julian, resident representative of ADB in Georgia on December 1, 2011.

According to the tranche agreement, ADB will allocate around USD 40 million discount loan (loan term- 32 years, including 8 years of discount conditions, interest rate-1% annually during the discount period and 1.5% after), which will be spent in water supply and sewage system reconstruction and rehabilitation in Anaklia and Mestia.

The main goal of the project is to provide 24 hour water supply in Georgia’s tourism centers and to maximally decrease environment pollution as well as improving sanitary conditions.

First tranche of around USD 80 million in the frame of the project was signed on May 10, 2011, which is spent in water supply improvement in Mestia, Anaklia and Zugdidi. 

 

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