Georgia will make use of a $62 million World Bank loan to improve the reliability of its energy supply network.
The loan approved by the World Bank Board of Executive Directors is financed by the International Bank for Reconstruction and Development.
The loan will fund Georgia for the Energy Supply Reliability and Financial Recovery Project.
The loan will help the Georgia State Electrosystem strengthen the power transmission network, support its financial recovery and prepare work to access capital markets.
Mercy Tembon, regional director for the South Caucasus at World Bank, said: “The project will increase electricity supply and prevent outages across Georgia’s regions, furthermore, it will assist GSE to tap into even greater domestic and international financing resources.”
The loan follows Georgia focusing on deregulation and privatisation of its energy system over the past years