ADB to support development of Georgian power system

An agreement to provide Georgia with $48 million for implementation of a project on improvement of the regional power supply network was signed within the framework of a visit by Vice-President of the Asian Development Bank (ADB) Xiaoyu Zhao to this country, the Ministry of Finance of Georgia informed Trend on Friday.

According to the information, the signing of the agreement took place with the participation of the Minister of Finance, Vice Chairman of ADB Management Board Nodar Khaduri, and Minister of Energy Kakhi Kaladze, Trend reports.

The project stipulates further improvements of the power supply infrastructure in Georgia, ensuring its reliability, durability and efficiency, as well as higher electric power transmission, promotion of export and transit. The purpose is for existing substations and construction of a new 220/110 KV substations are planned.

"Today we have signed an agreement to finance a very important project. It will be very helpful for the development of the country. I believe in the abilities of the Georgian government. I think this will be another successful project showing how efficient the government of Georgia uses financial resources provided by international financial institutions," the ADB vice-president said.
Minister of Energy Kakhi Kaladze also emphasised the importance of this project for the development of the power system and energy security of the country.