The Ministry of Finance reported on August 7 that the German Government will disburse a loan worth of EUR 310 million (USD 365 million) to Georgia.
Georgian Finance Minister Ivane Machavariani and Klaus Weigel, Regional Office Director for South Caucasus of German Development Bank (KfW) signed the respective documents on Friday, August 7.
In particular, EUR 180 million will be disbursed in the frames of the new program – “Strengthening competitiveness and crisis sustainability of Georgian economy” – aiming to mitigate coronavirus pandemic fallout.
EUR 130 million loan, on the other hand, will serve infrastructure projects in Bagdati, Vani, Samtredia and Kazbegi municipalities.
Earlier, on July 31, Georgia and Germany sealed an agreement, which envisages Georgia to get a grant amounting to EUR 28.5 million and preferential loan equalling EUR 170 million from the German Government,