European Investment Bank to allocate €200 mln to Georgia amid coronavirus pandemic
Georgian Prime Minister Giorgi Gakharia and Vice-President of the EIB Lilyana Pavlova, held a discussion during a video conference earlier today. Photo: Government press office
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The European Investment Bank (EIB) will allocate €200 million for development of healthcare infrastructure in Georgia, as well as supporting its fiscal and other needs amid the coronavirus pandemic.
Georgian Prime Minister Giorgi Gakharia and Vice-President of the EIB Lilyana Pavlova, held a discussion during a video conference earlier today.
Lilyana Pavlova, became the new vice president of the European Investment Bank last November, hailed the Georgian government’s efforts in the fight against the COVID-19. Photo: Government press office
PM Gakharia underscored the importance of international financial support for Georgia in response to the coronavirus pandemic and thanked the EIB for its active cooperation with Georgian public and private sectors.
Deputy Prime Minister and Minister of Regional Development and Infrastructure Maia Tskitishvili, Finance Minister Ivane Matchavariani and PM’s Economic Adviser Beka Liluashvili have also joined the video conference.
The International Monetary Fund (IMF) is offering $450 million to help Georgia contain the COVID-19 pandemic and limit its economic impact, announces the IMF. The IMF reached an agreement with the Georgian authorities for the completion of the Sixth Review and an augmentation of access under the Extended Fund Facility.
Economic growth in Georgia is projected to reach 3 per cent in 2021, while it will be reduced by 4 per cent in 2020, says the International Monetary Fund (IMF) in its World Economic Outlook. It says that the COVID-19 pandemic is inflicting high and rising human costs worldwide and the necessary protection measures are severely impacting economic activity.
Georgian economic growth may drop to between -6 per cent to 2.1 per cent this year due to the new coronavirus crisis, says Galt & Taggart, depending how the crisis plays out. Galt & Taggart gives three possible scenarios (optimistic, mild and pessimistic), according to which Georgian economic growth could differ based on the length of the crisis.
The European Union, Asian Development Bank, the European Bank for Reconstruction and Development, European Investment Bank, German Development Fund, French Development Agency will support the Georgian economy with $1.5 billion by the end of 2020, announced Georgian Prime Minister Giorgi Gakharia today.
The German development agency GIZ has provided 100,000 face masks and 2,000 litres of hand sanitising liquid to the Georgian Ministry of Health to help handle the coronavirus pandemic.
The European Commission has adopted a proposal for a COVID-19 support package for Georgia comprised of €150 million to help the country limit the economic fallout of the coronavirus pandemic.
The Council of the European Union has adopted a decision to provide €150 million in macro-financial assistance package to help Georgia ‘cope with the economic fallout of the COVID-19 pandemic’. Georgia is among the ten enlargement and neighbourhood partners of the EU which will receive the financial assistance 'in the form of loans on highly favourable terms'.
Mziuri Park, which was damaged during the deadly flash flood of June 13, 2015 in Tbilisi, reopened yesterday. The extensively redeveloped park now features bicycle roads, an artificial lake, a skateboard park and numerous children's playgrounds and is set to be one of the top recreation zones in the city.
The European Investment Bank Group and the Bank of Georgia have signed an agreement to supply a €60 million credit line for loans to small and medium-sized enterprises.
The European Investment Bank (EIB) will loan €100 million in order to upgrade and modernise key healthcare infrastructure in Georgia, provide professional training to new medical staff, and finance the procurement of essential medical equipment for the country’s healthcare system during the Covid-19 pandemic.
The European Investment Bank President Werner Hoyer and the European Council President Charles Michel have opened the new premises of the EU Delegation and EIB Regional office in Georgia. In addition, Hoyer signed a new loan extending Covid-19 response measures to the existing credit line at Liberty Bank for a total of €17.5 million.