EU allocates €100 mln to support Georgia amid pandemic

The European Union has allocated €100 mln to support Georgia amid the coronavirus pandemic.

The EU continues to stand by Georgia in weathering the COVID-19 pandemic. We are proud to provide these funds, which will provide macro-economic stability to the country so that the government can focus on best supporting its citizens and companies.

This is part of the EU’s wider 1.5 billion GEL EU COVID-19 support package for Georgia. We also believe the agreed upon reforms linked to this exceptional assistance will contribute to further bring Georgia closer to European standards in the long term and have concrete benefits for Georgians in aspects like the judiciary, labour safety and pensions,” noted EU Ambassador Carl Hartzell.  

The sum is allocated under the macro-financial assistance (MFA) program. 

Components of this assistance include € 75 million from a new macro-financial assistance program announced in April 2020 aimed at mitigating the socio-economic consequences of the coronavirus pandemic, while another € 25 million is the last tranche from a previous macro-financial assistance program approved in April 2018. However, out of this sum, € 95 million is a soft loan while the remaining € 5 million is a grant.