Baku, Azerbaijan, October 7
By Tamilla Mammadova – Trend:
KfW Development Bank of Germany will provide a loan of 120 million euros to Georgia, Trend reports citing the Ministry of Finance of Georgia.
Corresponding loan and grant agreements were signed on October 7, during the visit of the high-rank delegation of Germany to Georgia headed by President of the Federal Republic of Germany Frank-Walter Steinmeier. The documents were signed by the Minister of Finance of Georgia Ivane Machavariani and the Member of Management Committee at KfW Development Bank Stephan Opitz.
Of this amount, 60 million euros will be used to finance the reform of the Georgian energy sector, and another 60 million will be allocated to finance water infrastructure in Batumi.
“We are very pleased that today, the bilateral cooperation reached a new stage,” said Minister of Economy and Sustainable Development of Georgia Natia Turnava adding that currently, Georgia has over 250 joint ventures with Germany.
According to her, Georgia receives support from state development institutions in Germany, such as the German Development Bank, the German Society for International Cooperation (GIZ) and other programs that have made a significant contribution to Georgia’s energy sector, production and other sectors of the economy.
“Our next area of cooperation is tourism. Tourist flows between the two countries are growing, but we can do much more in this regard. This will also contribute to an increase in the number of direct flights between Georgia and Germany,” said Turnava.