The World Bank has approved a $147m IBRD loan to Georgia to finance the country’s third E60 Highway renovation.

The Third East-West Highway Project (TEWHIP) involves upgrading the section of the highway between Sveneti and Ruisi to a four-lane divided highway.

The bank provided $19m for the first section of the E60 project, $20m for the second section as well as $20m in additional financing.

The highway carries over 60% of the foreign trade on Georgia’s roads and the renovation is expected to further establish it as a key transport corridor.

Work is expected to finish in three years.