Georgia borrowed 180 million euros

Georgia borrowed 180 million euros

access_time2019-10-07 16:00:41

Georgian Finance Minister Ivane Machavariani, who is paying  a visit to Germany, has signed an agreement with  a German government-owned development bank (KfW) on the allocation of a loan of 120 million euros which  will be used for energy projects.

In particular, 60 million will be spent on the second phase of the energy sector’s reform as well as on upgrading the water supply infrastructure in Batumi.

Apart  from that, a grant of 60 million euros was allocated to introduce  energy-saving standards in construction.

The state energy sector has recently seen huge losses.

Georgian State Electrosystem (GSE)  ended 2018 with losses amounting to GEL 6 million which is not surprising as the director’s salary is GEL 21,000  per month.


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