Prime Minister of Georgia held and led an Executive Government Meeting at the Government Administration. Discussion topics included a Draft Government Decree on the attraction of funding for the Feasibility Study of the Submarine Black Sea Power Transmission Project.
Namely, work has started on a project with an initiative of Georgia, which implies the interconnection of the Caucasus region and Europe through a high-voltage submarine electricity cable and namely it aims to connect the Georgian and Romanian power grids via a submarine electricity transmission line to be constructed in the basin of the Black Sea.
Due Diligence is being performed at present. Funding has been allocated for it in the volume of 2.5 million Euros and study is scheduled to be completed at the end of the current year.
At the same time, the Ministry of Finance of Georgia will approach the World Bank in line with a decision of the Government of Georgia on the allocation of 75 MLN USD for the Feasibility Study to be carried out for the Black Sea Submarine Power Transmission Project. Preliminary agreement has already been reached with the World Bank on the volume and aim of the funding.