Argentina, Madagascar & Tonga Join AIIB, Funding Announced For Georgia & Tajikistan Projects
The Asian Infrastructure Investment Bank has just held its second annual meeting in Jeju, South Korea, with the board of governors adopting resolutions approving Argentina, Madagascar, and Tonga as new members.
The governors also signed off on two loans to Georgia and Tajikistan. A US$114 million loan for the Georgia Batumi Bypass Road Project, it being the bank’s first loan to Georgia, and part of a co-financing initiative with the Asian Development Bank.
The project aims to improve regional connectivity and the efficiency of road transport along the East-West Highway in Georgia. The project comprises a new two-lane road approximately 16.2 km long, in a key section of the East-West Highway that rings the Black Sea port city of Batumi. This will link with the existing main road connecting Sarpi at the border with Turkey to Poti, a major port at the Black Sea, and a key transit route along the coastline of the Black Sea for heavy goods and passenger traffic from Turkey to Tbilisi and then onto Azerbaijan and the Caspian Sea.
Georgia has recently signed a Free Trade Agreement with China.
Related: China’s Trade With The Caucasus
A second US$60 million loan was signed for the Tajikistan Nurek Hydropower Rehabilitation Project Phase I – this time, as part of a co-financing initiative with the World Bank. The project aims to rehabilitate and restore the generating capacity of three units of the Nurek hydropower plant, improve their efficiency, and strengthen the safety of the Nurek dam operations.
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