EU invests 2.3 billion euros in Georgia-Europe submarine cable
TBLISI, Georgia - Global Gateway initiative, an international infrastructure development programme, is ready to invest more than 2.3 billion euros for the next four years to fund a new Georgia-Europe Submarine Cable. This unique project consists of a high-voltage submarine 1,100-km long cable under the Black Sea which will connect the electricity systems of Georgia and continental Europe, according to the European Commission.
The president of the European Commission, Ursula von der Leyen, believes that the project will create many opportunities. "The Black Sea submarine cable is full of possibilities for the future. Georgia could become an electricity hub and even be integrated into the European Union's internal electricity market. Finally, the longest cable in the world will be able to supply electricity to the neighbors of the Republic of Moldova and the Western Balkans," said Ursula von der Leyen.
In June 2020, the Italian consultation company – CESI has indeed studied and confirmed the economic feasibility of the Black Sea submarine cable between Georgia and Romania based on a preliminary economic analysis. Currently, another feasibility study of the project is underway and will be completed by the end of the 2023.
Hungarian Prime Minister Viktor Orban also praised the project which will connect Azerbaijan to Hungary through Georgia.
The international project has given a new ‘’European purpose’’ to Georgia and has importantly increased the country’s role in ensuring Europe’s electrical security, said Georgian Foreign Minister Ilia Darchiashvili.
© COPYRIGHT ITALIAN INSIDER
UNAUTHORISED REPRODUCTION FORBIDDEN