At the Global Gateway Forum, EU Commissioner for Enlargement and Neighbourhood Olivér Várhelyi and European Investment Bank’s President Werner Hoyer formalised a financial package by which the European Commission will provide a grant of €16 million, through EIB Global, to improve the road safety in Georgia along Georgia’s East- West highway.
The project will include activities improving physical safety of the roads, provide engineering services and awareness raising actions. This will contribute to a decrease of road accidents in both number and severity. Moreover, enhanced safety on Georgia’s extended Trans-European Network – Transport (TEN-T), which connects the country to Europe as well as on certain local transport axes, will strengthen the country’s trade links and economic growth.
The project also contributes significantly to improving transport connectivity along the trans-Caspian corridor linking Central Asia to Europe across the South Caucasus.
EU Commissioner for Enlargement and Neighbourhood Olivér Várhelyi said:
“In the Eastern Partnership region, our connectivity agenda is implemented through our Economic and Investment Plan. Improving connectivity is a central feature of that Plan. With this new investment in Georgia’s East-West highway, we are improving Georgia’s connectivity to Europe as well as its road safety, travel conditions and ultimately we are reducing travel times for all Georgians. The East-West Highway also opens up new economic and trade opportunities for Georgia as it reinforces Georgia’s role as a trade hub along the trans-Caspian corridor”.
EIB President Werner Hoyer said: “As the EU Bank, the EIB has a long-standing cooperation with Georgia in transport connectivity projects, with an investment portfolio of around EUR 1 billion. This Team Europe investment is another step in bringing the European Union and Georgia closer together, by supporting better and safer connectivity through East-West transit routes.”
Prime Minister of Georgia Irakli Garibashvili explained, “To support Georgia’s position as a regional centre for trade and logistics, our government focuses heavily on the development of major infrastructure. Since commencing its operations in 2007, the EIB has invested in numerous projects to upgrade the country’s roads, energy, water and agriculture, as well as to develop new transport infrastructure projects. The role of our development partners in the implementation of these projects is paramount. Among others, the EIB is one of the leading financial institutions that supports Georgia and aligns with our priorities. Since the start of operations, the EIB has invested more than €2 billion in our country.”
Background information
EIB Global is the EIB Group’s new specialised arm dedicated to increasing the impact of international partnerships and development finance outside of the European Union. EIB Global is designed to foster strong, focused partnership within Team Europe, and as part of the EU’s Global Gateway strategy alongside fellow development finance institutions, and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices across the world.
The Global Gateway Forum brings together for the first time an assembly of government representatives from the European Union and across the globe, alongside key stakeholders from the private sector, civil society, thought leaders, financial institutions, and international organisations to promote global investment in transformative infrastructure – hard and soft- to deliver on SDGs.
Global Gateway is the EU’s positive offer to reduce the worldwide investment gap and boost smart, clean and secure connections in digital, energy and transport sectors, and to strengthen health, education and research systems. The Global Gateway strategy embodies a Team Europe approach that brings together the European Union, EU Member States, and European development finance institutions. Together, it aims to mobilize up to €300 billion in public and private investments from 2021 to 2027, creating essential links rather than dependencies, and closing the global investment gap.
Source: Neighbourhood Enlargement
