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Germany allocated Georgia EUR 100 mln2010-04-14 10:27
Yesterday in the Ministry of Finance of Georgia one more agreement on financing the construction of Black Sea power line was signed - Georgia Times.gt-en-newsitem-inside
The agreement was signed with KFW [Kreditanstalt fur Wiederaufbau], which will allocate EUR 75 mln credit and EUR 25 mln grant.
The ceremony was attended by Mariam Valishvili, the deputy Minister of Energy.
The total cost of the project amounts EUR 300 mln. On March 17th the agreement on financing was signed with EBRD, on March 26th - with EIB. Each will allocate EUR 80 mln each. The investment fund of the EU Neighbourhood Policy allocates EUR 8 mln for preparatory works.
In the framework of the project a new power line will be built to connect systems of Georgia and Turley, and a new substation will be built in Akhaltsikhe, not far from Georgian-Turkish border.