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German government to provide financial support for Georgian investment projects

Finance Materials 8 November 2019 18:28
German government to provide financial support for Georgian investment projects

BAKU, Azerbaijan, November 8

By Tamilla Mammadova – Trend:

German government is allocating 161.7 million euro to support Georgian investment projects in infrastructural development, energy, municipal development, environmental protection, vocation education and other areas, Trend reports referring to Georgian Ministry of Finance.

The corresponding document was signed at the Ministry of Finance of Georgia on November 7 after the completion of government consultations on financial cooperation between Germany and Georgia.

The agreement on financial cooperation was concluded between the Ministry of Finance of Georgia and the Federal Ministry for Economic Cooperation and Development of Germany.

Of 161.7 million euro, 21.7 million euro will be given in the form of a grant, while the rest will be provided as a loan.

Georgia will receive the funding over the course of two years.

The parties also discussed projects supported by Germany in the field of investment and technical assistance of Georgia, as well as plans for the future.

Deputy Head Division of Education of the Federal Ministry for Economic Cooperation and Development of Germany Karin Jahr de Guerrero noted that Germany will continue to support investment projects of Georgia in the field of municipal infrastructure, energy efficiency and environmental protection in Georgia. Countries will also collaborate in promoting vocational education and strengthening local government.

Last year, trade turnover between Georgia and Germany reached $482 million, with exports amounting to $51 million, and imports to $431 million.

In 2001-2018, Germany invested $372 million in Georgia.

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