31.Jul .2020 12:32

Germany allocates 170 million euro loan and 28.5 million euro grant to Georgia

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An agreement was signed between the governments of Georgia and the Federal Republic of Germany today, on the allocation of a loan by Germany in the amount of about 170 million euro and the provision of a grant in the amount of 28.5 million euro to Georgia.

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

According to the Georgian Ministry of Finance, the amount will be spent on urban development, tourism infrastructure, energy efficiency and environmental protection measures.

“This project will be aimed at developing tourism and, at the same time, at protecting the country’s nature. We are grateful to the Georgian government for the cooperation that has been developing between the two countries over the years. I am glad that these projects will be carried out from next year, ”said Hubert Knirsch.

To date, within the framework of financial and technical cooperation with Germany, more than 1 billion euros in funding in the form of grants, technical assistance and soft loans have been allocated for Georgia.