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Georgia to Receive Assistance of Up To Euro 100 Million from EU

By Tea Mariamidze
Thursday, March 21
The Prime Minister of Georgia, Mamuka Bakhtadze says that Georgia will receive the assistance of Euro 100 million from the European Union.

The PM made the statement after meeting with the European Union Trade Commissioner, Cecilia Malmstroem on Tuesday.

According to Bakhtadze, within the framework of the Financing Agreement for Capacity Building and Support, which deals with the support for the development of skills, Georgia will receive almost Euro 50 million from the EU.

“Employment of our citizens is a key goal of our Government, while vocational education is the short-cut road to overcoming this challenge. Hence, this project directly correlates with our reform of national significance, which we announced in the education sector and which positions the vocational education at a central place,” the PM stated at the joint press-conference with Malmstroem.

He added the country will receive an additional Euro 48 million from the EU and this sum will be spent on social and economic development in Georgia and its regions.

“This program aims to facilitate the socio-economic development in Georgia and its regions. Special focus is made on three directions: much quicker resolution of commercial disputes, modernization of financial infrastructure and support in the establishment of market-oriented and innovative business models. Support towards these directions will help us in achieving one of the key goals of our strategy to shape Georgia into an economic hub of the region,” the PM noted.

Bakhtadze also stressed that the EU is Georgia's largest trade partner, adding the export is annually increasing to the EU market and Georgia is also expanding the list of products exported.

“I would like to thank the EU for the support enjoyed by our country in the process of implementation of Deep and Comprehensive Free Trade Area and Association Agreement, along with the support provided by the EU to small and medium enterprises (SMEs), which is directly translated into the employment of people and economic growth of the country,” he said.

Cecilia Malmstroem also delivered a speech at the press conference, praising already implemented reforms by the Georgian government and focusing on doing more in the future.

“Impressive achievements have been done and Government should be congratulated for this. Of course, this still needs to be translated into serious growth and to more concrete foreign direct investment here,” she stated.

The commissioner said many Georgian products are already finding their markets in Europe, but there should be more.

“We have lent over 880 million Euros to a total of 37 000 firms, created 10 000 new jobs here in Georgia and supported more than 30 000 existing jobs. So, the DCFTA is on track. It is working, but it needs constant care of course,” she noted.