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European Bank to extend credit to Georgia for Ingur hydroelectric station rehabilitation

2011-01-12 14:26

12192.jpegEuropean Investment Bank (EIВ) announced on January 7 the allocation of a 20 million euro credit to Georgia for the rehabilitation of the Ingur hydroelectric station and the Vadnil-GES cascade, Apsnypress reports.


The credit will be spent on the rehabilitation of the two Ingur GES facilities out of five (the other three have already been rehabilitated). Part of this money will be spent on the reconstruction of the Vadnil-GES water-supply canal constituting the Ingur GES complex. According to the project, it will encourage safe water movement to the Black Sea.

European Investment Bank is one of the sponsoring parties. 20 mln euros will be allocated by European Bank of Reconstruction and Development (EBRD), while the Investment Foundation of EU Neighborhood Policy is going to sponsor a 5 million euro project in the form of a grant.

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