BAKU, Azerbaijan, April 20
By Tamilla Mammadova - Trend:
The loan agreement signed between Georgia and the International Bank for Reconstruction and Development (IBRD), a member of the World Bank Group, was submitted to the Georgian parliament for approval, Trend reports citing Georgian media.
As reported, a hearing on the subject is scheduled for a meeting at the Finance and Budget Committee of the Parliament on April 22.
According to the agreement signed on March 30, 2020, the International Bank for Reconstruction and Development will provide Georgia with the loan of 45 million euros.
Financing provided by the loan agreement will be directed to the state budget. The term of the loan agreement is 25 years, of which 14 years are privileged; interest rate is based on EURIBOR fixed margin; a one-time administrative fee is 0.25 percent of the total loan amount; and the size of the loan obligation is 0.25 percent, which is charged on the undeveloped loan amount, the report said.
Meanwhile, this loan agreement is not part of the financial assistance for the fight against coronavirus.
Georgia has been a member of World Bank since 1992. The World Bank Group’s partnership with Georgia focuses on many areas, including the rehabilitation of infrastructure (roads, energy, water, schools, hospitals and homes), preserving cultural heritage, promoting the growth of the private sector, investing in people and protecting the poor.
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