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Asian Development Bank to allocate Georgia USD 300 mln for transport2010-07-21 10:50
The Board of ABD made a decision on allocating Georgia a USD 300 mln credit for modernization and development of urban transport infrastructure - Business-Gruzia.gt-en-newsitem-inside
Credit term lasts 32 years, grace period - 8 years. The interest rate within grace period amounts 1 per cent; later - 1.5 per cent.
The means are meant mostly for financing projects, implying decongesting of densely populated cities from transport.
Georgia will receive credit in three tranches. The first, of USD 85 mln, must be allocated this year, and will be used for construction of a new metro station in Tbilisi, and also highways, pavements, bikeways to stimulate development of tourism, particularly in highland region of Svaneti. The second tranche will amount USD 100 mln, the third - 115 mln.
In 2010-2011 the ABD plans to allocate Georgia credits at the sum exceeding USD 1 bn.