Within the scope of a visit paid by H.E. Svenja Schulze, Federal Minister of Economic Cooperation and Development of Germany to Georgia, Kreditanstalt für Wiederaufbau (KfW) has pledged to support the Open Program of Energy Efficiency at Public School Buildings of Georgia. Thus, funding will be allocated for a full rehabilitation of public school buildings for the improvement of energy efficiency.

Signing Ceremony of the Agreement between Georgia and KfW was held at a Dzalisi Public School in Mtskheta Municipality.

Document was signed by H.E. Svenja Schulze, Federal Minister of Economic Cooperation and Development of Germany; H.E. Lasha Khutsishvili, Minister of Finance of Georgia; Birgit Holderied-Kreß, KfW Tbilisi Office Director and Bodo Schmuelling, Director of Energy Sector at KfW.

Grant Agreements were also signed by and between KfW and the Ministry of Regional Development and Infrastructure of Georgia for the implementation of the project.

In line with the Loan and Grant Agreements, total value of about 55.4 million Euros were pledged, out of which:
• 40 million Euros will be allocated as a loan by KFW;
•15.35 million Euros will be allocated as a grant by the EU/KfW.

A Special Agreement was also concluded by and between the KfW and Municipal Development Fund (MDF) of Georgia. The latter is a legal entity of public law (LEPL) designated to implement the project in the country.

It is worth noting that the referred project involves the European Bank for Reconstruction and Development (EBRD), which has loan and grant agreements concluded with Georgia under the Green Investment Initiative within Public Buildings. Project envisages the allocation of 40 million Euros by the EBRD to Georgia as a loan, while 10 million Euros will be allocated by the European Union (EU) as a grant financing.