As a result of the successful negotiations with the Asia Development Bank (ABD) the Finance Minister of Georgia, Ivane Matchavariani and the regular representative of the Asia Development Bank in Georgia, Ieshim Elhan Kaialar signed the Loan Agreement regarding to the funding of the construction of motorway section of Kvesheti-Kobi of the North-South Corridor.

Based on the Loan Agreement, the Asia development Bank will allocate around 370 million Euro of long-term financial resource, which will be used for the construction of two-line passing road with the length of 23 km between Kvesheti and Kobi, 6 bridges and in total about 10.5 k long of 5 tunnels, which will be the largest among existing tunnels in the South Caucasus.

“In the history of the state independence this is the largest project and it has the most significant functions for transit in Georgia. The project will be the important precondition of social and economic development of the region. It will bring the new prospective for launching new economic activities for local population in the region.

Thanks to Asia Development Bank for supporting the project, the Finance Minister of Georgia,
Ivane Matchavariani stated after completion of the Official signing ceremony.

“High quality road network which will link regions and businesses with the vital services in Georgia, include on the national and regional level value chain being ultimately important for economic growth and development in the country. We are very glad to support enlargement of the main motor and trade roads in the east-west and north-south corridors, “the constant mission director of Asia Development Bank, Ieshim Elhan Kaialar stated.

After completion of the project implemented in accordance with the international standards, the state transit potential will be sufficiently improved towards the north-west main road, as this new road infrastructure will ensure safe vehicle movement in any climate condition throughout entire year and it will reduce duration of the travel around an hour from the capital to Stepantsminda. The project will be an important precondition for social and economic development of region, new opportunities for economic activities will be emerged for local population.

The project will be implemented by the road department of the regional development and infrastructure Ministry of Georgia.

Asia Development Bank is an important donor partner of financial institution of Georgia and many municipal and urban infrastructure development projects are implemented with its support. Participation of the bank is especially important in the construction of east-west high-speed road.