China to Allocate USD 9.5 Mln Grant for Assisting Georgia’s Agriculture
The COMMERCIAL TIMES
Georgian government and People’s Republic of China signed an agreement on Economic and Technical Partnership on July 10. The agreement was signed between Dimitri Gvindadze, the Minister of Finance of Georgia and Chong Quan, China’s Vice Minister of Commerce.
According to the agreement, People’s Republic of China will allocate Yuan 60 million Chinese Yuan (USD 9.5 million). This is the second financing provided by China for supporting Georgia’s agriculture development.
“The financial resources allocated by China to our country will be spent in acquiring agricultural equipment, which will assist the development of Georgia’s regions. As a result, new jobs will be created and the social environment will be improved,” declared the Minister of Finance of Georgia.
Agriculture development is one of the most important priorities included in the new programme launched by the Georgian government- More Benefit to People.
Since 2005 People’s Republic of China has allocated in total Yuan 220 million grant (around USD 34.7 million) and Yuan 30 million (around USD 4.7 million) 20-year zero interest rate commodity credit with 10-year preference period.
