Georgian Finance Minister: Georgia is one of the largest recipients of German financial support per capita
"Today, Georgia is one of the largest recipients of German financial support per capita. This proves how important our relationship is", said Georgian Finance Minister Ivane Matchavariani after signing the loan agreement today. Photo: Ministry of Finance.
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Germany is giving Georgia €310 million in aid to help the country fight COVID-19 as well as to implement different regional projects, announces the Ministry of Finance of Georgia.
More specifically, €180 million will be given for anti-COVID-19 measures while the remaining €130 million for regional projects.
Today, Georgia is one of the largest recipients of German financial support per capita. This proves how important our relationship is", said Georgian Finance Minister Ivane Matchavariani after signing the loan agreement today.
Of the €130 million which is allocated for regional projects, €80 million will be allocated for Kazbegi municipality of Georgia and the remaining €50 million will be spent on the development of Imereti region, said Matchavariani.
Germany will allocate a €170 million loan and a €28.5 million grant to Georgia as part of an agreement signed today between the governments of Georgia and the Federal Republic of Germany.
The German government is allocating €161.7 million to support Georgian investment projects in infrastructural development, energy, municipal development, environmental protection, vocation education and other areas, the Georgian Ministry of Finance reports.
Georgian Finance Minister Ivane Matchavariani has signed a €60 million loan with German Development Bank (KfW) to develop water infrastructure in Batumi and a €120 million loan in total from KfW and French Development Bank (AFD) to develop the country’s energy sector.
The German Development Bank (KfW) will help the government of Georgia to implement energy reforms, announces the Ministry of Economy of Georgia.
This year Georgia has spent its fiscal buffers (reserves) which increased the 2020 budget deficit to 9.1 per cent, while government debt to GDP ratio increased to 59.9 per cent, said Finance Minister Ivane Matchavariani earlier today when presenting the 2020 annual activity report of the Finance Ministry.
The government will have to reconsider the tax breaks which have been in question for a long time, said Acting Prime Minister Giorgi Gakharia earlier today.
German state development bank KfW will help Georgia implement a 'Biodiversity and Sustainable Local Development - Georgia' project with a new grant of €24 million, announces the Ministry of Finance of Georgia.
German Ambassador Hubert Knirsch and Georgian Finance Minister Lasha Khutsishvili have signed a sustainable local development agreement on a grant of €5.24 million. The agreement, signed earlier today, will enable a biodiversity conservation project worth around €24 million.