European Bank for Reconstruction and Development (EBRD) has announced that it will provide €65m to Tbilisi in Georgia to modernise the metro network.
Tbilisi will also receive €10m from the Green Climate Fund (GCF).
The funds were given to Georgia and the city of Tbilisi for the use by Tbilisi Transport Company. The money will finance the purchase of 40 modern metro cars along with the modernisation work for a depot and a tunnel.
EBRD has provided the investment, which is a part of the EBRD Green Cities and an addition to the Tbilisi’s Green City Action Plan (GCAP).
The upgrade of the metro and procurement of new trains are expected to boost the reliability, efficiency and safety while offering a comfortable and environmentally friendly mode of transport to the travellers.
With a population of around 1.2 million, Tbilisi gets crowded during peak hours. This upgraded metro will aid travellers opting for a public mode of transport.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Georgia Minster of Finance Ivane Matchavariani said: “The European Bank for Reconstruction and Development is one of the leading institutions providing financial assistance to Georgia in the fight against Covid-19.
“The new financial resources allocated by our partners will be used for one of the most important priorities, municipal transport, including the rehabilitation of the Tbilisi subway, as well as the purchase of a new type of modern carriages, necessary steps to ensure the safe movement of our citizens.
“I would like to thank the management of the bank and the head of its regional office, Ms Catarina Bjorlin Hansen, for the close cooperation and the assistance provided to Georgia. In the context of the Covid-19 pandemic this support is of great importance for the development of our country.”