18 Feb 2020 15:25

EBRD, GCF may provide Georgia 60 mln euros to update Tbilisi subway fleet

TBILISI. Feb 18 (Interfax) - The European Bank of Reconstruction and Development (EBRD) and the Green Climate Fund (GCF) are planning to provide Georgia with 60 million euros for the Tbilisi Transport Company's purchase of 40 new cars as part of the modernization of the capital's subway system.

According to information on the EBRD's website, the bank is planning to provide Georgia with a 50-million-euro sovereign credit, with 10 million euros in co-financing from the GCF.

The EBRD's board of directors intends to consider this issue on April 23, 2020.

According to the statement, the cars will be used to form 10 underground trains. This project is part of a larger program aimed at helping the city reform its public-transportation system by financing the renewal of its bus and subway fleets and restructuring its network.

Earlier, the EBRD provided Georgia credits for the acquisition of 375 new passenger buses for Tbilisi, Batumi, Kutaisi, Poti, Gori, Rustavi, Telavi, and Zugdidi as part of the bank's Green Economy Financing Facility (GEFF) program.

The EBRD is Georgia's leading institutional investor. It has invested over $4 billion in 249 projects there since 1991.

The GCF is a mechanism created by the UN. It helps finance sustainable development in developing countries.