EU, EIB invest 34mln euros in fast internet connection for rural Georgia

The European Investment Bank, the Bank of the European Union, will invest up to EUR 34 million in expanding a high-speed internet network bringing fast and reliable internet services to some 500,000 Georgians living in 1000 rural and remote settlements in Georgia, the EU in Georgia press office has reported.

The investment from the EU bank will finance the installation of 5,000 km of fiber optics telecommunications network and provide open-access infrastructure for Georgian telecom operators to provide their fast-internet services.

The EU has provided a guarantee through the External Lending Mandate.The EU says that this project supports improved digital connectivity as one of the five flagship initiatives for Georgia under the European Union’s Economic and Investment Plan for the Eastern Partnership “This new EIB operation is a part of broader Team Europe efforts to support Georgia in digitalising, accelerating green and sustainable social and economic growth, and increasing nationwide resilience to natural disasters such as the COVID-19 pandemic.”  

Carl Hartzell, Ambassador of the European Union to Georgia, said that investing in the digital transition in Georgia is ‘key to stimulate jobs and growth and bring about prosperity.’