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Germany Allocates €156 Million to Georgian Substantial Development

Germany is set to allocate €156 million for the substantial development of the Georgian economy, the German Federation embassy in Georgia has revealed.

Over the next two years Georgia is set to receive €156.3 million under the Caucasus Initiative.

The decision was reached at the German-Georgian intergovernmental negotiations on development cooperation summit, held in Tbilisi September 23rd-24th.

From the total amount of €140 million available, for use in the bilateral financial cooperation implemented by the German Reconstruction Credit Bank (KfW), a further €16.3 million would be added for use in regional programs of technical operation. Those programs will be aided by German Internationale Zusammenarbeit (GIZ) and German Physical-Technical Federal Institute (PTB).

In a statement the German Embassy said: “Mostly, these funds are set aside to provide high-voltage transmission network expansion in Georgia and for establishing environmentally friendly recycling system for solid waste in two regions, Kakheti and Samegrelo. Most of these activities will help Georgia to fulfill the obligations of Association Agreement they signed with the European Union.”

Since 1992 Germany has been allocating €700 million to Georgia. After the latest funding has been added this will increase to €850 million, making Germany the second largest bilateral state donor to Georgia.

30 September 2015 11:31