The European Union allocates €46m to Georgia

The European Commission has revealed its intention to allocate €30 million (73 million GEL) to Georgia., 12 Dec 2014 - 11:35, Tbilisi,Georgia

Georgia can count on continuing support from the European Union (EU), who this week announced it would allocate €46 million to Georgia as macro-financial assistance in 2015.

European Commissioner for Economic and Financial Affairs, Taxation and Customs Pierre Moscovici signed a Memorandum of Understanding for the multi-million Macro-Financial Assistance (MFA) program to Georgia.

The assistance will be distributed evenly between grants and loans and will be disbursed in two equal tranches in 2015.

"The EU is helping Georgia ease its financing constraints while supporting the government's economic reform agenda. We support Georgia's efforts to maintain macroeconomic stability while implementing growth-enhancing reforms and facilitating closer economic integration with the EU", said Commissioner Moscovici in a press release issued by the Commission yesterday.

The MFA program was intended to strengthen Georgia's balance of payments and budgetary position and to support reforms aimed at reinforcing economic governance, increasing social inclusiveness and promoting closer economic integration with the EU.