06.May .2020 11:38

EU to assist Georgia with €150 mln amid COVID-19 pandemic

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Georgia will receive €150 million in macro-financial assistance from the European Council to help the country ‘cope with the economic fallout’ of the COVID-19 pandemic.

Georgia is among the ten enlargement and neighbourhood partners of the European Union which will receive the assistance ‘in the form of loans on highly favourable terms’.

Croatian Minister of Finance Zdravko Maric said that enlargement and neighbourhood countries are 'our closest partners'.

"Now more than ever, it is absolutely essential that we stick together and show solidarity in addressing the economic and social impact of this global crisis” Zdravko Maric said.

The EU assistance aims to help the countries ‘cover their immediate financing needs’ which have increased as a result of the COVID-19 outbreak.

The funds, which will be available for twelve months, will be disbursed in two instalments. The loans will have a maximum average maturity of 15 years.