New EU Plan to Invest €4.1 billion in Georgia over 4 Years

The European Union has announced a new External Investment Plan, worth a total of €4.1 billion, which will be invested into the Georgian economy over the course of four years.

Georgia’s Minister of Economy Dimitry Kumsishvili and the EBRD Director for Caucasus, Moldova and Belarus , together with European and Georgian officials have attended the launch event in Tbilisi yesterday, all speaking highly about the new EU plans to spur Georgian development.

At the event, European officials highlighted the details of the initiative fostering a multitude of economic and cultural sectors beneficial for stronger Georgian democratic and economic performance.

The European goal to foster economic growth and economic integration in all sectors, be it private or public, is at the core of the new investment plan and includes neighboring countries of the European Union. Most states, with the exception of Belarus, are part of the Eastern Partnership. The plan builds on past efforts and achievements to improve the overall economic performance of these countries.

The economic sectors benefitting from the investment are multi-fold, ranging from sustainable energy and connectivity, over micro-small-medium enterprises, agriculture, and sustainable cities to digitalisation. Officials agree on the many challenges overcoming economic stagnation and spurring innovation, but have pointed to Georgia’s excellence growth performances outperforming many other partner nations of the Eastern Partnership.

By Benjamin Music