Page 14 - GEORptFeb19

4.3 Fixed investment
Georgia -Fixed capital investment 2012 2013 2014 2015 2016 2017 1Q18 2Q18
Gross fixed investment capital formation (GEL mn)
3,936.1 3,540.5 4,260.5 3,951.7 4,358.8 4,481.7 989.6 1,304.6
Gross fixed capital formation (% of GDP)
28.8% 24.6% 29.5% 31.3% 32.4% 31.6% 31.1% 35.8%
Source: CEIC
EU envisages €280mn of assistance for Georgia
Several agreements were signed during a Georgia-EU meeting held under a new format in Brussels on November 21, with officials moving for the allocation of €280mn of assistance for specific programmes and macro-financial objectives, Georgia Today has reported .
“The more the country reforms, the more we will support it. We have backed, since 2014, with €590 million of financial support, the efforts of Georgia and we hope to unlock a further €45 million of micro-financial assistance in the near future,” said European Commission President Jean-Claude Juncker.
An allocation of €231mn to Georgia for projects involving the economy, trade and connectivity was teed up. Of this, €45mn is to be used as macro-financial assistance. Another €100mn is to be utilised to improve access to local currency financing for SMEs.
EU Enlargement Commissioner Johannes Hahn and Georgian Foreign Minister David Zalkaliani, meanwhile, signed a financing agreement worth €49mn enabling the EU to support economic and business development in Georgia. The European bloc and Georgia are to work together to develop a better legal system for business, modernise financial services and innovate business models.
Hahn and Zalkaliani also signed a financing agreement on skills development and matching labour market needs. That agreement is worth nearly €48 million. Starting in 2019, the EU will help to deliver lifelong learning skills, entrepreneurial learning and entrepreneurship opportunities in four Georgian regions, including in the Georgian breakaway region of Abkhazia.
The European Bank for Reconstruction and Development (EBRD) said on October 19 it will support climate-focused sustainable urban development in Albania, Armenia, Georgia, Macedonia, Serbia, Moldova, Jordan, Tunisia and Mongolia.
The support will be given with an €87mn contribution received from the Green Climate Fund (GCF) through the EBRD’s Green Cities Facility.
“EBRD and GCF financing will help cities and municipal utility companies to tackle their most pressing climate challenges such as greenhouse gas emissions, climate change adaptation, energy intensity, solid waste management, replacement of inefficient street lighting and water service management,” the lender said in the statement.
Cities, which account for around 70% of CO 2 emissions, will develop Green City Action Plans (GCAPs) to identify priorities and actions to overcome
EBRD and Green Climate Fund to help cities in 9 countries to address climate change
14 GEORGIA Country Report February 2019 www.intellinews.com