The Budget and Finance Committee reviewed Amendment No. 1 to the Framework Credit Facility Agreement of 15 November 2022 between the French Development Agency (AFD), as lender, and Georgia, as borrower.

According to the presenter, Deputy Finance Minister Ekaterine Guntsadze, an agreement on financing the Human Capital Development Programme was concluded in 2022 with the World Bank and the French Development Agency.

She noted that the loan agreement provides financing of EUR 358 million from the World Bank and EUR 100 million from the AFD.

“Within the framework of this facility, the first tranche of EUR 50 million has already been disbursed. It is now necessary to draw down the second tranche; however, the framework agreement, which was ratified by Parliament on 4 April 2023, is nearing its expiration date and therefore requires an extension. Accordingly, the amendment provides for extending the validity of the existing framework agreement with the French Development Agency until the end of August 2026”, - Ekaterine Guntsadze stated.

The Committee supported the agreement submitted for ratification.