Germany allocates €156m to Georgia
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Germany is offering €156 million (415 million GEL) to Georgia.
This deal of financial support was solidified yesterday after Georgia’s Finance Ministry signed an agreement with the Federal Ministry for Economic Cooperation and Development.
It was noted KfW Development Bank will grant €140 million that will go towards bilateral financial cooperation while the remaining €16.3 million will be granted by the German Federal Enterprise for International Cooperation (GIZ) with funds allocated towards supporting technical cooperation.
The €140 million KfW funds will finance several directions in Georgia.
- €5 million will finance the Financial Sector Support Program;
- €100 million will be spent on building a high voltage power line; and
- €34 million will be allocated to the Samegrelo and Kakheti regions for running the Solid Waste Management Program.
For the past two years the Solid Waste Management Pogram was successfully carried out in Georgia’s second largest city Kutaisi with the support of KfW.
KfW was responsible for implementing bilateral financial cooperation between Georgia and Germany.
Meanwhile the GIZ aid will support technical cooperation between Georgia and Germany.
GIZ will offer €16.3 million aid to continuing its ongoing regional projects in the field of sustainable economy development, energy and environmental protection. At the same time, the money will be spent on developing democracy, local governance and legal statehood.
Germany is offering extra support to Georgia to help strengthen bilateral economic ties and improve the reputation and position of Georgian businesses in Germany.
"There is no reason to expect that the European Commission experts’ report on Georgia will not be positive," says German Foreign Minister Frank-Walter Steinmeier about the upcoming report that will determine whether or not Georgians will enjoy visa free travel to countries in the Schengen zone.
"Georgia was the most interesting place where I've worked during my career,” said Ambassador of Germany in Georgia Ortwin Hennig to the Prime Minister of Georgia while reviewing his five-year tenure.
Georgia’s efforts to achieve visa free travel to European Union (EU) states appears to be resonating with EU leaders, particularly Germany’s Chancellor Angela Merkel.
Germany supports Georgia's European aspirations – these were the words spoken by German Chancellor Angela Merkel when she spoke to Georgia’s Prime Minister Irakli Garibashvili in a phone conversation today.
Georgia’s Foreign Minister is going to Germany tomorrow to meet government officials and share the economic potential of Georgia with German investors.
In the framework of a two-day official visit to Germany, Georgia’s Foreign Minister Giorgi Kvrikashvili met German experts and said: "I see Germany as a strong, reliable partner for Georgia”.
Georgia’s efforts to assimilate with the European Union (EU), regional and global security and Georgia’s business environment were on the agenda at a special meeting between the Foreign Ministers of Georgia and Germany.
Germany is supporting Georgia to develop important structures of the economy by offering trainings to local staff in marketing, creative business and management directions.
Germany is offering €140 million financial assistance to Georgia to implement major investments projects in the country. From this money Georgia will receive €135 million as a loan and €5 million as a grant.
Germany is offering €140 million financial assistance to Georgia so the country can implement major investments projects in the country.
Georgia has been granted €10 million to improve the country's solid waste management system in its 64 municipalities and reduce the health hazards caused by unsanitary waste handling.