The European Investment Bank (EIB) will support three infrastructure projects, covering the construction of the Algeti-Sadakhlo road (approximately 30 km), which will connect a transit corridor of the E-60 Highway to the Armenian border; Rustavi Red Bridge, connecting Georgia to Azerbaijan, which is part of the E-60 highway and the extended Trans-European Transport Network (TEN-T) core network in Georgia, and a new fiberoptic network providing broadband internet access to more then 1,000 remote rural villages across the country.
Business investment, renewable energy and upgrading hospitals, schools, internet services and urban infrastructure will be accelerated by new financing totaling €3.7 billion, approved on 11 March by the EIB.
€2.4 billion will be allocated for business investment and ensuring economic resilience to COVID-19; €688 million to harness renewable energy across Europe; and €1.5 billion for new private sector financing COVID-19 crisis response under the Pan-European Guarantee Fund. €381 million will back transport, hospitals and schools, and sustainable urban investment across Europe and beyond.
Since the outbreak of the pandemic, the EIB has approved €40.3 billion for 251 projects to provide vaccines, improve public health, and strengthen economic resilience across Europe and around the world, the press release reads.