Georgia’s foreign debt increases by USD 500 mln

Georgia’s foreign debt exceeded USD 3.7 billion on September 30, 2010 - an increase of half a billion dollars over the past year. Most of the increase is due to credits received from international financial organisations such as the World Bank, International Monetary Fund, Asian Development Bank and EBRD as well as the European Investment Bank and also the EU. As for countries, Georgia owes the most to Germany and Russia. Georgia also owes USD 500 million for the Euro bonds which were issued in April 2008 under the initiative of Lado Gurgenidze, Georgia’s Prime Minister at the time.