Georgia and the Reconstruction Credit Institute of Germany on Wednesday signed an agreement on financing the Open Energy Efficiency Programme in Georgian Public Buildings, aiming to rehabilitate and improve energy efficiency in public schools of the country.
The Ministry of Finance said Minister Lasha Khutsishvili, Svenja Schulze, the Federal Minister for Economic Cooperation and Development of Germany, and representatives of KfW Georgia had signed the deal that will allocate about €55.4 million of financial resources to the programme.
As part of the total sum, a €40 million loan will be provided by KfW, while €15.35 million will be a grant from the Institute and the European Union.
KfW and the Georgian Municipal Development Fund also signed an agreement to implement a project funded by European Bank for Reconstruction and Development under its Green Investments in Buildings Project, involving €40 million in loans and €10 million in grant funding to Georgia.