Georgia’s Government signs new €450m financing agreement with EU bank

Georgia has today signed a €450 million financing agreement with the European Investment Bank (EIB) to implement three major projects that will raise living standards and boost the global competitiveness of Georgia.

The three projects, which have a combined value of €450 million, will be carried out within the Government’s Spatial Arrangement Plan and the four-point reform agenda.

One of the projects will improve road infrastructure in Georgia, while the others will develop country’s agriculture sector in general as well as promoting agriculture production.

The EIB will allocate €250 million for the construction of new roads and rehabilitation of existing priority routes.

Vice President of EIB Jan Vapaavuori (L) and Georgia's Prime Minister Giorgi Kvirikashvili. Photo by the PM's press office. 

Meanwhile, €100 million will be spent on rehabilitating municipal infrastructure, while the remaining €100 million will be spent on supporting small and medium-sized enterprises (SMEs) operating in agriculture and food production under the referred concessional long-term lending.

A financing agreement on the allocation of resources by EIB to Georgia was signed today after Georgia’s Prime Minister Giorgi Kvirikashvili met the Vice President of EIB Jan Vapaavuori.

At the meeting Vapaavuori spoke about the importance of the funding and noted it would advance the living standards in Georgia and boost the competitiveness of the country.