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Today, a Loan Agreement was executed between Georgia and the Asian Development Bank (ADB) for implementing the “Sustainable Urban Transport Investment Program- Project 4”. The document was signed by Nodar Khaduri, Minister of Finance of Georgia and Yesim Elhan-Kayalar, ADB Country Director for Georgia. Batumi shoreline protection project will be funded under this tranche.  The project will be implemented by the Municipal Development Fund of Georgia. On the same day, a Project Agreement was made between the Municipal Development Fund of Georgia and the ADB. The project document was signed by Juansher Burchuladze, Executive Director of the Municipal Development Fund of Georgia and  Yesim Elhan-Kayalar, ADB Country Director for Georgia. To this effect, the Asian Development Bank will allocate funds to the sum of USD 20 million. 

It should also be mentioned that the Italian Consulting Company “Technital” has already prepared a detailed design for Batumi shoreline project, currently the design is in the process of approval by the donor organization.   In the near future, a bidding on civil works will be conducted for selection of the contractor company.   

We would like to remind you that on June 21, 2010 a framework agreement on allocation of USD 300 million credit was executed between the Government of Georgia and the Asian Development Bank for implementation of the “Sustainable Urban Transport Investment Program”.   A Multitranche Funding Facility   (MFF) is applied for funding projects under the Investment Program.  The program aims at improvement of urban transport system operation in Georgia.   

Presently, three tranches are already approved and the projects under these tranches are ongoing, including the ones which are as significant as construction of the 23-rd metro station in Tbilisi,   construction of the first and third sections of  Tbilis—Rustavi highway and construction of the second section of the same highway, which will also be implemented with financial support of the ADB.