Germany ready to boost financing of Georgian energy system

The German government is ready to increase financing of the Georgian energy system by EUR15m, which is in fact by one third, in the event Tbilisi provides guarantees of security for foreign specialists, including Germans in Georgia, a representative of the German government declared at a meeting with Georgian State Minister Avtandil Jorbenadze. The representative said this was one of the provisions to continue rendering financial aid for reforms in the Georgian energy sector.

Moreover, according to the official, the German government decided to allocate EUR2m to Georgia in 2002 to cover damage caused by the recent earthquake in this country.

As it was reported earlier, the German KfW bank has allocated EUR90m in credits over the past four years. By the end of this year Georgia is to receive another EUR8m. KfW is ready to finance expenses on creating the single energy zone of the Caucasus, whose creation was announced at a conference devoted to the integration of the energy systems of countries of the Caucasian region. Energy authorities of Russia, Georgia, Armenia, Azerbaijan, Turkey and Iran took part in it.

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Author`s name: Editorial Team