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4.3 Fixed investment
Georgia -Fixed capital 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 investment
Gross fixed capital formation (GEL mn)
3,520.3 2,458.8 3,190.9 3,136.7 3,292.4 2,213.3 2,984.2 3,215.3
Source: CEIC
Green Climate Fund grants Georgia €33m to support forest waste processing
Georgia will receive a €33mn grant from the Green Climate Fund, set up by the United Nations Framework Convention on Climate Change a decade ago, to support the development of forest waste utilisation, thus contributing to efforts in reducing greenhouse gas emissions, the country's ministry of environment and agriculture announced.
The grant will be used to create forest waste processing infrastructure for producing biofuels from waste material and improve local populations' access to the resource.
Local governments and residents in seven municipalities in Tianeti and Kakheti in the east and Guria province in the west of Georgia will be involved in operating small-sized processing plants to produce the biofuels.
The Green Climate Fund grant will be provided to institutions in Georgia through the German Federal Enterprise for International Cooperation (GIZ), which is also involved in ECOserve, a project of management of natural resources and safeguarding of ecosystem services for sustainable rural development in the South Caucasus.
GCF has provided total financing of about $107mn to Georgia through four projects so far.
The European Union, International Monetary Fund (IMF), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), German Development Fund and French Development Agency will provide Georgia with $1.5bn in financing by the end of 2020, according to Georgian Prime Minister Giorgi Gakharia.
"Besides [this financing], the private sector is providing another $1.5bn. The same donor organisations are ready to assist the private sector of Georgia if help is needed. This enables us to start real work on a post [pandemic] crisis economic recovery plan together with our economic team and our international donor organisations. I am sure Georgia will be able to attract more financial resources", the PM said.
The Asian Infrastructure Investment Bank (AIIB) said on May 22 that it would extend Georgia a $100mn loan to support the country’s economy and provide more protection against the coronavirus (COVID-19).
The loan will be jointly financed by the World Bank.
“The project’s emergency healthcare assistance and social protection measures ... aim to support Georgia’s pandemic response and its efforts to protect the most vulnerable people affected by COVID-19,” Konstantin Limitovskiy, AIIB vice president for investment operations, said.
Georgia expecting S1.5bn in financing from IFIs this year says PM
AIIB lends Georgia $100mn to mitigate coronavirus impact
18 GEORGIA Country Report October 2020 www.intellinews.com
