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World Bank approves $35 million investment for Black Sea submarine cable project preparatory activities

22 May 2024 15:14 (UTC +04:00)

The World Bank’s Board of Executive Directors today approved a $35 million loan for the first phase of the Enhancing Energy Security through Power Interconnection and Renewable Energy (ESPIRE) Program for Georgia, the Bank said in a press release, APA reports.

"The ESPIRE Program consists of three phases with a potential financing envelope of up to $500 million that seeks to improve Georgia’s institutional capacity for the development of submarine cable projects, strengthen Georgia’s domestic power transmission system, and establish a direct electricity interconnection between the South Caucasus and Southeast Europe. Additionally, the parallel digital interconnection would reduce internet connection costs, improve bandwidth, and generally enhance international digital connectivity across the Black Sea," the press release noted.