Georgian state-owned railway company issued eurobonds worth of USD 250 million with five year maturity, Nikoloz Mchedlishvili, Georgian PM’s spokesman, said on July 19.

He said issuance of eurobonds was managed by Bank of America Merrill Lynch and JP Morgan.

Mchedlishvili said raised funds will be used for Tbilisi by-pass railway project and for “other modernization projects”.

EBRD provides EUR 100 million loan to co-finance a new double track railway route 10 km north of Tbilisi, which will divert rail traffic around the center of Tbilisi. This section of railway is part of main route for freight on the east-west transport corridor in Georgia.