EBRD and GCF to fund Renovation of Subway Cars by EUR 60 Million
EBRD reviewed the concept of Tbilisi Metro Project.
According to the document published on EBRD’s official website, the provision of a sovereign loan is up to EUR 60 million to Georgia, expected to be co-financed by the EBRD and the Green Climate Fund (the “GCF”).
The loan will be on-lent to the city of Tbilisi for the benefit of the Tbilisi Transport Company Ltd, a municipal company, which operates buses, the metro system and cable cars in Tbilisi.
According to the document, the investment will improve the reliability, safety, and efficiency of public transport through the acquisition of approximately 40 modern metro cars (10 train sets) for the company to replace existing, outdated rolling stock.
The project is part of a broader program aiming to assist the city in reforming its management of public transport by financing the renewal of bus and metro systems and network restructuring.
EBRD Finance Summary is €50 million sovereign loan to Georgia.
The total project cost is €60 million.