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Chinese Government’s Financial Support to Georgia

Published: December 20, 2011 | 4:34 pm
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The COMMERCIAL TIMES

An agreement on Economic and Technical Cooperation was signed between the Ministry of Finance of Georgia and the People’s Republic of China on December 19. The document was signed by Dimitry Gvindadze, the Minister of Finance of Georgia and Chen Jianfu, Extraordinary and Plenipotentiary Ambassador of the People’s Republic of China to Georgia.

“People’s Republic of China will issue around USD 9.5 million grant financing to Georgia for funding economic and technical cooperation projects that are priority for Georgia. The selection will be based on the mutual consultations between the sides. Agriculture will be one of the priorities,” declared the Minister of Finance of Georgia.

As for the broader vision of the agriculture development of Georgia, according to the minister, the works are ongoing in three directions: “first, it is the support by the Georgian state budget, second- the support by donor organizations and the third- involving businessmen in this sector,” said Gvindadze.

China is an important trade partner for Georgia. Since 2005 People’s Republic of China has issued grants of around USD 15,8 million and 20-year zero interest rate credits of around USD 4.7 million. This financial assistance makes possible to equip the Revenue Service of Georgia with modern technologies at customs, which positively influences foreign trade and job creation.

 

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