Georgia to receive €45 million assistance package from EU

Georgia to receive €45 million assistance package from EU

The European Commission has signed a memorandum of understanding with Georgia for macro-financial assistance (MFA) of up to €45 million to help Georgia cover part of its external financing needs and support economic reforms, the European Commission press office said.

Commissioner for Economic and Financial Affairs, Taxation and Customs, Pierre Moscovici, noted that Georgia has shown strong and lasting commitment to economic reform, which the EU has consistently supported and fostered. "This agreement includes policy measures that will help make the Georgian economy more resilient, with stronger and more inclusive growth for the benefit of its citizens," he said.

Up to €10 million will be provided in the form of grants and the remaining €35 million in medium-term loans, at favourable financing conditions, the statement added.

The MFA programme is designed to help the country cover part of its financing needs and support the implementation of structural reforms. It will complement Georgia's programme with the International Monetary Fund (IMF).

The assistance will be transferred in two installments. It is conditional on the implementation of specific policy conditionality agreed between Georgia and the EU, which is elaborated on in the memorandum of understanding, Agenda.ge reported.

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