Georgia has been steadily intensifying its economic relations with the EU in recent years. With a growing confidence and vision to develop the energy sector, its intention to expand has attracted many aid programs, GeorgiaToday reports.
The Georgia and German development bank, KfW, and Georgia and French development agency, AFD, signed a loan agreement for aid amounting to a total of EUR 74 mln that will go towards improving Georgia’s energy sector. According to the loan agreement, KfW and AFD are ready to fully support the Georgian energy sector reforms and plan to cooperate with Georgia over the next four years (2018-2021).
“These agreements are proof that the EU and countries such as France and Germany are committed to playing a role in our energy development and reforms. We are fully mobilized to develop and support the reform,” said Giorgi Kobulia, Minister of Economy and Sustainable Development of Georgia.
“With the agreement, we will further enhance the fruitful cooperation in the energy sector which was established by the Georgian authorities. The energy sector is a crucial area, as it includes topics of high-importance such as energy security and effective use of a country’s resources,” said Carl Harcelli, the EU Ambassador to Georgia.
The European Union will also approve disbursement of EUR 8.5 mln in grants to assist in funding the energy sector reform within the frames of the Neighborhood Investment Platform (NIP).