The Parliament of Georgia has ratified two loan agreements with the International Bank for Reconstruction and Development, which is part of the World Bank Group, for 45 million euros and 18.2 million euros.
According to the website of the Georgian parliament, a loan of 45 million euros will go to the implementation of state support for the regions and investments in 27 regions from the state budget.
“This is a project that comes from the budget. The specific target orientation is based on the reforms implemented by the country, ”explained Deputy Minister of Finance Giorgi Kakauridze.
As explained in the loan agreement, the reason for such a generous loan was amendments to the law and the government’s approved regional development mechanism.
The second loan of 18.2 million will be used to improve the irrigation and drainage systems in three regions and to develop a land market in 12 pilot districts.
Both loans are issued for 25 years.
On April 24, the Georgian government will present a new anti-crisis plan taking into account the promised money from international partners — $ 1.5 billion