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Georgia to Receive $23 Million to Fund Infrastructure Projects - 2003-06-09

Georgian President Eduard Shevardnadze said the European Bank for Reconstruction and Development (EBRD) has earmarked some $23 million for projects in Georgia this year.

In his regular Monday radio broadcast, Mr. Shevardnadze said the money will be used to renovate the Inguri hydroelectric power station, develop railroads and assist some businesses.

Last week an EBRD vice president, Noreen Doyle, met with Mr. Shevardnadze and Georgian business leaders in Tbilisi.

The EBRD has invested some $230 million in Georgia since the bank began operations in 1991. The EBRD works to promote market development in post-communist countries.