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Ministry of Finance to Report on Donor Assistance in Georgia

Published: March 15, 2011 | 6:12 pm
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The COMMERCIAL TIMES

Deputy Minister of Finance Dimitri Gvindadze presented a report on donor assistance in Georgia on March 15’s special briefing.

On October 22, 2008 international community announced to allocate USD 4.5 billion to Georgia in order to assist the economic recovery of the country after the Russo-Georgian war.

According to the Deputy Minister of Finance, as of March, 2011, the donor agreement financial resource allocation is accomplished for 90% (around USD 4.0 billion) and subsequent contracts are signed for financing government and private projects. Both sectors have already received over USD 2 billion, the rest money is being spent in accordance with the dynamic of the implementation of concrete projects. In addition, by the end of the first half of 2011 the total amount of the Brussels donor conference agreement financing will be contracted. 40% of the financial resources allocated from the Brussels donor conference is grant and the rest 60%- long-term, mostly low-rate loan.

In Mr.Gvindadze’s words, the money allocated for the government sector was spent in assisting living condition of IDPs, rehabilitation of transport infrastructure, energy, urban and municipal issues, budget support, agriculture and other projects.

The financial resources allocated will be spent in the next 4-5 years.

On basis of the close and fruitful cooperation with donors, Georgia might be expecting additional long-term resource allocation. (Which means the amount of donor assistance may exceed USD 4.5 billion). In addition, Georgia has the separate direct donor assistance financing, which is spent in non-governmental institutions. (Direct technical assistance, trainings, non-governmental sector assistance).

Significant Sector Projects: road infrastructure, energy, municipal sector, agriculture, IDPs

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