EU Council Adopts EUR 150 Mln Loan Package for Georgia
On May 20, the Council of the European Union adopted a decision to provide up to 3 billion Euros of macro-financial assistance to ten enlargement and neighborhood partners, including EUR 150 million to Georgia, to help it cope with the economic fallout of the COVID-19 pandemic.
Financial assistance will be provided in the form of loans on highly favorable terms and allocated as follows:
- Albania: €180 million
- Bosnia-Herzegovina: €250 million
- Georgia: €150 million
- Jordan: €200 million
- Kosovo*: €100 million
- Moldova: €100 million
- Montenegro: €60 million
- Republic of North Macedonia: €160 million
- Tunisia: €600 million
- Ukraine: €1200 million.
EU assistance will help these jurisdictions cover their immediate financing needs, which have increased as a result of the COVID-19 outbreak. Together with the support from the International Monetary Fund, the funds will help enhance macroeconomic stability and create space to allow resources to be allocated towards protecting citizens and to mitigating the negative socio-economic consequences of the coronavirus pandemic.
By Ana Dumbadze
Source: consilium.europa.eu
Related Story: European Parliament Approves €150 million Aid for Georgia