Today, Minister of Finance of Georgia, Ivane Matchavariani, the Reconstruction Credit Bank (KFW) European and Asian Department Director, Stephan Opitz, The extraordinary and plenipotentiary Ambassador of France in Georgia, Diego Colas and the new director of the AFD Eastern Europe, Caucasus and Central Asia, Cecile Couprie signed the Loan Agreements.

For the reforms of Georgian energy sector

- A loan agreement ‘Energy sector reform - Phase two (PBL) – 60 million Euro (KFW)
- A loan agreement ‘Energy sector reform - Phase two (PBL) – 60 million Euro (AFD)

KFW and AFD are ready to support the planned reforms in the field of the energy by the Government of Georgia ensuring strengthening of energy independence and development of energy power.

Noteworthy that the project will be implemented for four years and the declaration of intentions were signed between Georgian Government, KfW and AFD on May 14, 2018 (Financial cooperation of Germany and France with Georgia). Within the program framework, KFW allocated 49 million Euro in 2018 and AFD – 45 million Euro as a loan. In addition, the Contribution of EU in the program is 8, 44 million Euro as a grant.

The state secretary of German Federal Republic and the EU ambassador in Georgia, Carl Hartzell attended the official agreement signing ceremony as the special guests.