The European Investment Bank (EIB) has allocated €80m for the construction of the Black Sea high-voltage line. The EIB Vice-President and Georgian Deputy Minister of Finance signed a relevant credit agreement on March 26.

Business Georgia reported that the funds form part of the total financing of the construction project.

The new high-voltage line is to connect the Georgian and Turkish energy grids. The project provides for the construction of a new substation in Akhaltskh, on the Georgian-Turkish border.

The German Bank for Reconstruction and Development is participating in the €280m project as well.

The construction started last September to be completed by next year.

T.P.