Baku: The upcoming COP29 conference in Azerbaijan presents an opportunity for Georgia to attract international investment in green technologies and sustainable projects, said Konstantin Limitovskiy, Asian Infrastructure Investment Bank (AIIB) Vice President, in an exclusive interview with Trend.
According to Trend News Agency, the AIIB VP highlighted the Caucasus region’s significant role in fostering inter-regional trade and economic cooperation, emphasizing its strategic location at the crossroads of Europe and Asia. Limitovskiy underscored the importance of investing in green and technologically advanced infrastructure to strengthen ties between neighboring countries and facilitate the movement of goods, services, and people.
Limitovskiy pointed out the potential for developing digital infrastructure in the region, noting the increasing reliance on technology worldwide. He expressed AIIB’s commitment to helping the region become more digitally interconnected, which would support economic development thr
ough efficient information exchange.
He further emphasized the opportunities presented by COP29 for Georgia in terms of attracting investments in green technologies and sustainable projects. Limitovskiy also highlighted the potential for eco-tourism and Georgia’s environmental initiatives to gain international attention during the conference.
The AIIB VP also discussed the transformative impact of the newly completed Batumi Bypass Road project on regional connectivity in the Black Sea and Caspian areas. He described the road as a major milestone for strengthening transit routes across these regions. The road, which features 20 bridges and five tunnels, eases congestion around Batumi and enhances connectivity for surrounding villages.
The Batumi Bypass Road not only benefits local communities but also strengthens international routes along the West-East European Route (E70), boosting trade and cultural exchanges between Western and Eastern Europe. This project was made possible by a $99 million investment f
rom AIIB, with additional support from the Asian Development Bank and the Georgian state budget.
AIIB’s commitment to infrastructure development in Georgia is evident, with five significant projects approved, totaling nearly $400 million. Limitovskiy mentioned the ongoing preparations for the Tbilisi Metro Modernization Project, aimed at enhancing the metro system’s efficiency and sustainability.
In response to the pandemic, AIIB provided financing to strengthen Georgia’s public health preparedness and collaborated with TBC Bank to support SMEs. AIIB also invested in sustainability bonds by Georgia Capital JSC to support green investments in the country.
Limitovskiy acknowledged the collaborative efforts with various Georgian governmental bodies in overcoming challenges during the pandemic. He reiterated AIIB’s dedication to working closely with the Georgian government on future initiatives focusing on environmental and social sustainability.
AIIB plans to expand its operations in the Caucasus region to m
eet growing energy demands, particularly from renewable sources. The mid-term strategy aims to facilitate green and technologically enabled infrastructure, contributing to a more prosperous and sustainable future for the region. Limitovskiy concluded by expressing AIIB’s commitment to collaborating with various stakeholders to achieve these goals.