Positive
Project advancing - milestone achieved
High Impact
Major milestone or critical setback
On 21 May 2024, the World Bank’s Board of Executive Directors approved a US$35 million IBRD loan for Phase 1 of the ESPIRE Program for Georgia, providing preparatory financing for the Black Sea Submarine Cable Project, including geophysical and geotechnical seabed surveys, environmental and social studies, and institutional capacity building, within a multi-phase programmatic loan framework of up to about US$500 million that also foresees later support for onshore grid reinforcement and the submarine cable’s construction (with indicative phase allocations of US$35 million, US$50 million, and US$435 million respectively).