Georgia - Trans-Caspian Transport Corridor : Georgia Accessibility and Transport Enhancement Project - Chair Summary

Overview & Synopsis

Executive Directors approved International Bank for Reconstruction and Development support for Georgia’s Trans-Caspian Transport Corridor - Georgia Accessibility and Transport Enhancement Project (TC-GATE) to improve the performance and resilience of the corridor, recognizing its strategic significance, the integrated financing approach with co-financing partners, and the use of performance-based conditions linking disbursements to measurable gains in operational efficiency, financial sustainability, and governance reform. Directors underscored the need for coordinated institutional and governance reforms and robust risk management; sought assurance on the financial and debt sustainability of Joint Stock Company (JSC) Georgian Railway including the 2028 Eurobond refinancing; emphasized open and competitive procurement, the roles of International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA) in mobilizing private capital, achievement of meaningful gender outcomes and women’s labor force participation, sustained community and stakeholder engagement, and close coordination with development partners to ensure effective implementation of environmental and social standards and application of lessons learned to other regions.