The European Bank for Reconstruction and Development (EBRD) will provide a loan of 75 million euros for the rehabilitation of the Tbilisi Metro, the EBRD said in a press release.
According to the report, investments will increase the reliability, safety and efficiency of public transport by acquiring approximately 40 modern metro cars (10 train sets) for the company to replace existing and by rebuilding metro stations and tunnels.
Credit funds will be provided in two tranches. It is expected that the amount will be co-financed by the EBRD and the Green Climate Fund.
“The restoration of the subway and new rolling stock will increase the reliability, safety and efficiency of public transport, as well as provide passengers with comfortable and environmentally friendly transport. Almost 1.2 million people live in Tbilisi, and during rush hour the roads are congested. The modernized metro will help switch the use of transport from personal to public, which will significantly reduce air pollution,” the bank said.
The EBRD is a leading institutional investor in Georgia. The bank has invested 3.7 billion euros in 249 projects in the financial, corporate and energy sectors. Moreover, 87% of investments are in the private sector.