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Germany Grants €140m to Georgia

German Federation Republic will allot debt of around 135 million EUR and grant of 5 million EUR for implementation of investment projects.

The PM has declared about it at the government session on Friday. The sum should be spent on investment projects of the following sectors: energy, municipal infrastructure and agriculture.

“Besides that, professional education, small and middle business development, metallurgy, environment protection and strengthening of local governance are funded as well”, – the PM has noted at the session.

According to him, Board of Directors of the World Bank has approved a loan of 40 million USD to the European Bank for Reconstruction and Development for Georgian National Innovation Ecosystem Projects.

“It means that the government’s strategy is focused on building of a competitive and innovative ecosystem for the future. It envisages opening of innovative centers in Georgian cities and villages, where population will master different professions in technology fields. These are programming, designing, producer skills, micro electricity, which will support creation of technological business in the regional development”, – the PM explains.

According to George Kvirikashvili, grants should be allocated for financing of innovative and high technology businesses within the frame of the project, however, preparation of qualified staff should be launched in innovation and technology sphere.