Germany Provides Georgia €170 mln Loan & €28.5 mln Grants

An agreement was signed between the Georgian Government and the German Federal Republic, according to which Germany is to lend 170 million Euros to the Georgian administration and an additional 28.5 million Euros as a grant.

The document was signed by the Georgian Finance Minister, Ivane Machavariani, and the Ambassador of Germany to Georgia, Hubert Knirsch.

According to the Georgian Finance Ministry, the loan and grant will be allocated towards urban development, establishing and refurbishing touristic infrastructure, energy efficiency, and ultimately environmental safety.

“This project will be directed towards developing tourism and at the same time, safeguarding the country’s nature. We are thankful to the Georgian government for their effective cooperation, which has been growing along these years between our two countries. I am pleased because in the following years I will be able to see how these projects will be realized,” said the German Ambassador.

To date, Georgia has received about 1 billion Euros in aid from Germany.

02 August 2020 16:49