Georgia Receives 90€ Million from German State-Owned KfW Bank

Finance Minister of Georgia Ivane Machavariani, and the Director of the KfW Representative Office in the South Caucasus, Claus Faigel, contracted a deal today, by which the Georgian government will obtain €90 million from the German state-owned development bank, precisely to aid the country’s improvements in the energy sector.

The Finance Ministry of Georgia underlined that this funding from the European Bank will stipulate economical support and will be straightforwardly directed to the state budget. The settlement between KfW and Georgia is part of the financial aid that the Georgian government has drawn from its international partners to rejuvenate the Georgian economy after the coronavirus crisis.