Georgian State Electrosystem and World Bank Signed Loan Agreement
Ucha Uchaneishvili, Chairman of the Management Board of Georgian State Electrosystem and Mercy Tembon, World Bank's Regional Director for the South Caucasus, signed a $ 62 million financial agreement. The loan was allocated within the framework of Electricity Supply Reliability and Financial Recovery Project.
The project aims to strengthen the power transmission grid, in particular the construction of 500 kV Jvari-Tskaltubo transmission line and Tskaltubo 500 kV substation. The project also implies the GSE's financial recovery and the preparatory works to ensure access to capital markets.
I would like to thank the World Bank. Project implementation will combine a strong power circle, which will further increase our energy efficiency and sustainability of our country", said Ucha Uchaneishvili, Chairman of the Management Board of GSE.
The project implementation phase will start in 2020, and the completion of works is planned in 2022.