A loan agreement was signed between Georgia and the International Bank for Reconstruction and Development (IBRD) for the Detailed Geophysical and Geotechnical Study of the Black Sea Seabed (Phase I of the Multi-Phase Programmatic Approach for Strengthening Energy Security through Energy Interconnection and Renewable Energy Programs).

The agreement was signed by H.E. Lasha Khutsishvili, Minister of Finance of Georgia and Rolande Pryce, World Bank Regional Director for the South Caucasus.To implement the project, the IBRD will allocate financial resources in the form of a loan amounting to 32 400 000 Euros.

The project involves a detailed geophysical and geotechnical study of the Black Sea seabed, as well as technical assistance in institutional, legal and financial matters.

The project will be implemented by Georgian State Electrosystem JSC.

Giorge Gigineishvili, General Director of Georgian State Electrosystem JSC and Rolande Pryce, World Bank Regional Director for the South Caucasus also signed the Project Agreement.