BAKU, Azerbaijan, August 6
By Tamilla Mammadova – Trend:
In 2020, Germany has provided Georgia with a 90-million euros loan via KfW Development Bank to support the Georgian Energy Sector Reform Plan, Federal Ministry of Finance of Germany told Trend.
"Additional financing planned to be provided in the upcoming weeks, includes 180 million euros supporting the Georgian reform program in the area of strengthening the competitiveness of the Georgian economy and 130 million euros loan aiming at the rehabilitation of communal infrastructure, as well as 5 million euros grant for accompanying measures," the ministry said.
According to the ministry, a grant of approximately 19 million euros to support social assistance measures of the Government in the context of COVID-19 is also foreseen.
As the ministry noted, the Federal Financial Supervisory Authority of Germany has concluded a Memorandum of Understanding with the Georgian counterpart on the banking supervision.
"In the long term, the KfW Development Bank seeks to improve the living conditions of people in developing countries and emerging economies and encourage climate and environmental protection on behalf of the German Federal Government," the ministry added.
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