Germany offers €140 million to Georgia

NBG noted the volume of money transfers from abroad constituted $91m Photo by N. Alavidze/, 25 Mar 2016 - 14:01, Tbilisi,Georgia

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.

Georgia’s Prime Minister Giorgi Kvirikashvili said the money would be spent on projects to develop the energy and agricultural sector and improve municipal infrastructure.

At the same time our priority directions such as education, small and medium-sized businesses, metrology, environment protection and local governance will also be financed,” said Kvirikashvili.

Meanwhile the World Bank’s board of executive directors approved a $40 million USD loan to the International Bank for Reconstruction and Development (IBRD) for the Georgia - National Innovation Ecosystem Project.

The project aimed to increase innovative activities of firms and individuals in Georgia and their participation in the digital economy. This means that innovative centres will be opened in Georgia’s towns and villages where the population will learn various professions,” said the Prime Minister.

Within the Georgia - National Innovation Ecosystem Project, regional areas will receive grants to finance innovative and high-technological businesses, announced Kvirikashvili.