Hungary offers $68m credit line to protect investments in Georgia

Hungarian enterprises soon able to participate in Georgian development projects in construction and agricultural technologies. Photo by MFA Georgia., 30 Mar 2016 - 00:54, Tbilisi,Georgia

Hungary is opening a credit line for Georgia amounting to $68 million USD in a bid to support Georgia’s business and investment environment.

The two countries will sign an investment protection agreement before the end of 2016 and the Hungarian Export-Import Bank (Eximbank) will open a $68 million USD credit line to facilitate cooperation between Hungarian and Georgian enterprises.

In addition Hungarian businesses will be able to take part in Georgian development projects in the fields of construction and agricultural technologies, announced the Ministry of Foreign Affairs of Georgia.

This decision was made at a meeting between Georgia’s Foreign Minister Mikheil Janelidze and his Hungarian counterpart Peter Szijjarto in Hungary yesterday. The two officials paid special attention to the development of trade and economic cooperation between the states.

Another topic of discussion was education. The Georgian Minister thanked the Hungarian Government for providing scholarships to Georgian students who study at Hungarian universities.

Janelidze stressed Hungary had always been a close friend and reliable partner of Georgia.

Similarly, Hungarian Minister Szijjarto confirmed his country supported Georgia’s sovereignty and territorial integrity. He also voiced support for Georgia’s European Union (EU) and NATO integration.

The Hungarian Minister welcomed the fact several official visits had occurred between the two countries in recent years, and noted a high-level Hungarian delegation had also been invited to Georgia to mark the 25th anniversary of the country regaining its independence.

Szijjarto also praised Georgia’s progress towards visa liberalisation with the EU and said this could provide a new impetus for to EU-Georgia integration.

Janelidze introduced to his Hungarian counterpart to the Georgian Government’s new four-point plant that would increase economic development in Georgia, which included new tax benefits, infrastructure plans, governance reforms and an overhaul of the education system.

The Georgian Minister also stressed there were opportunities to further tighten economic relations between the two countries, and said Georgian businessmen travelling with the delegation were searching for opportunities to cooperate with prospective Hungarian partners.

Georgia’s role as a regional hub for energy and transport projects was highlighted at the meeting. The Hungarian Foreign Minister said Georgia was an important transit country for shipping natural gas to Europe from the Caspian Sea and with regard to road transport.