Germany Allocates EUR 140 Mln to Boost Investment Projects in Georgia

TBILISI - Germany will allocate a EUR 135 million loan and a EUR 5 million grant to the Georgian government for investment projects in the areas of energy, infrastructure and agriculture.

Georgia’s Prime Minister Giorgi Kvirikashvili announced Friday that most of the money will go to promote small and medium business, as well as to strengthen local self-government.

The World Bank’s board of directors approved a USD 40 million loan to the International Bank for Reconstruction and Development (IBRD) to begin a national innovation ecosystem project.

"The project will support the government's strategy towards developing a competitive and innovative economy that will be focused on future. Within the framework of the project, innovation centers will be opened in towns and villages, where the population will gain programming and design jobs as well as entrepreneur skills. All will contribute to the business and technological development of the country,"Kvirikashvili said.