Germany to allocate funds to Georgia for Black Sea high-frequency power transmission line construction
Georgia will allocate funds to Georgia intended for construction of the Black Sea high-frequency power transmission line. The Minister of Finances of Georgia Kakha Baidurashvili The Minister of Finances of Georgia Kakha Baidurashvili and the interim envoy of the German Republic to Georgia Heike Gabriel signed the relevant agreement at the Ministry of Finances.
According to Germany's representative, additional funds for economic development, areas of governance and environmental protection will also be allocated. Germany continues to contribute to peaceful development and regional cooperation in the Caucasus.
Within the intergovernmental talks with Georgia, probably Germany will again allocate large amount of funds to Georgia.
Agreed part of the cooperation envisages allocating 12 million euros, which will be used to reform small and medium enterprises, 9.5 million euros for supervising the reform process in the fields of law, justice and local democracy and implementation of the project "Mosaic of the world" by the German political foundations.
The country will allocate 100 mln loan to Georgia through Germany`s Credit Bank of Reconstruction for construction of the Black Sea high-frequency power transmission line, which will ensure sustainable and stable power supply of the region. Thanks to the large-scale project of Germany it will be possible to use Georgia's energy resources for economic purposes in the region.
Germany is one of the major donors of Georgia and the South Caucasus.
After Georgia restored independence, Germany has allocated almost 500 million euros to the country.