The World Bank is financing the Black Sea submarine cable project, which provides the construction of a high-voltage underwater transmission grid. The funding amounts to USD 75 million, - Minister of Finance Lasha Khutsishvili announced this at the press conference held after the government meeting.
According to him, Georgia already spent 2.5 million EUR for the Feasibility Study of the project, the study should be completed this year.
"At this stage, a detailed survey of the bottom of the Black Sea is on the agenda for the implementation of the Black Sea underwater transmission line project. According to the decision of the Government of Georgia, the Ministry of Finance has applied to the World Bank for the allocation of additional funding, which amounts to USD 75 million.
This is the study of the geophysical and geotechnical structure of the Black Sea bed, on which Georgia will spend approximately USD 20 million, as well as for the strengthening of the land transmission line, which already includes the arrangement of the relevant infrastructure in the territory of Georgia," Khutsishvili said, adding that international partners will be involved in the next stages of project implementation.
