|
|
Article: Georgia : ADB to Extend $500 Million to Georgia for Seven-Year Road Upgrade.
- Article from:
- TendersInfo
- Article date:
- September 30, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
The Asian Development Bank (ADB) is extending up to $500 million to Georgia to support a major overhaul of vital link-roads between Central Asia and the Caucasus.
The ADB Board of Directors on September 29 approved the funds, which will be released periodically through a multitranche financing facility to support the Government of Georgia s seven-year Road Corridor Investment Program. In the first tranche, ADB will provide a $119 million loan from its concessional Asian Development Fund (ADF). The program, which will cost an estimated $3 billion, is also being financed by other development agencies including Japan International Cooperation Agency, World Bank and ...