Top

Georgia's share from EBRD Solidarity Package

Georgia's share from EBRD Solidarity Package
Georgia's share from EBRD Solidarity Package

The European Bank for Reconstruction and Development has allocated one billion EUR as part of the ''Solidarity Package'' to help countries defeat the novel coronavirus pandemic.

The bank states that it is ready to allocate additional funds for the Georgian companies affected by the COVID-19.

''The EBRD and Georgia are stepping up cooperation as the country's economy faces the challenge of the coronavirus outbreak,'' the official press release of the bank reads, adding the Government of Georgia recently announced an economic stimulus package to support the economy consisting of two parts – benefits provided by the banks in terms of restructuring loan repayments and assistance allocated from the budget.

The bank made available an emergency Solidarity Package of €1 billion for its existing clients across 38 economies, including clients in Georgia.

''Joining forces was the focus of a telephone call between Minister of Finance, Ivane Matchavariani and EBRD Managing Director for Eastern Europe and the Caucasus, Matteo Patrone and the Regional Director for Caucasus Catarina Bjorlin Hansen. EBRD officials pledged urgent financing to help local firms deal with the impact of the coronavirus outbreak,'' the EBRD reports.

As the EBRD reports, Georgia's Finance Minister Ivane Machavariani said: "EBRD is a reliable partner of our country. We very much appreciate the quick response the bank has made to support Georgia. The financial assistance provided by the EBRD, will help the country to ensure its economic stability, during the global challenges caused by the COVID-19. Once again, I would like to thank the bank's management for their permanent support. I hope with the help and efforts of our international partners; the Georgian economy will be able to face this global challenge with as little loss as possible".

''Mr. Patrone praised the close cooperation between the EBRD and the Ministry and all the steps the Government is taking to deal with the crisis.

Mr. Patrone also reconfirmed the bank's strong commitment to supporting the country's economy, especially in times of crisis,'' the official press-release of the EBRD reads.

If you find out orphographic mistake in the text, please select mistaken part of the text and press Ctrl + Enter.

Last added

Latest news



orphus_system