On May 20, the Council of the European Union adopted a decision to provide up to EUR 3 billion of macro-financial assistance to ten enlargement and neighborhood partners, including EUR 150 Million to Georgia, to help them cope with the economic fallout of the COVID-19 pandemic.
The proposal for a EUR 3 billion macro-financial assistance package was announced by the Commission on April 22. It was then greenlighted by EU Ambassadors on May 5 and approved by the European Parliament on May 15.
Financial assistance will be provided in the form of loans on “highly favorable” terms, that will help Georgia cover its immediate financing needs which have increased as a result of the novel coronavirus outbreak.
The funds will be available for twelve months and will be disbursed in two installments, with the loans having a maximum average maturity of 15 years.
The assistance will be subject to a memorandum of understanding to be agreed between each partner and the Commission, the Council noted.