BAKU, Azerbaijan, May 5
By Tamilla Mammadova – Trend:
Georgia will receive 150 million euro in macro-financial assistance from the European Council (CoE) to help the country cope with the economic fallout of the COVID-19 pandemic, Trend reports via European Union (EU).
Meanwhile, the Council of Europe backed the financial package for Georgia within the framework of Neighborhood Policy.
Georgia will receive 150 million euro as financial assistance in the form of loans on highly favorable terms to cover their immediate financing needs which have increased as a result of the COVID-19 outbreak.
“Together with the support from the International Monetary Fund, the funds will help enhance macroeconomic stability and create space to allow resources to be allocated towards protecting citizens and to mitigating the negative socio-economic consequences of the coronavirus pandemic,” reads the information on the webpage of CoE.
As reported, the funds will be available for twelve months and will be disbursed in two instalments.
“The loans will have a maximum average maturity of 15 years. The assistance will be subject to a memorandum of understanding (MOU), to be agreed between each partner and the Commission,” reads the message.
The EU ambassadors endorsed the Commission proposal on May 5.
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