Georgian Finance Minister Nodar Khaduri and German Ambassador to Georgia Ortwin Hennig have inked two agreements including a financial cooperation and a protocol on amending the agreement on avoidance of double taxation.
The amendments in the double taxation avoidance agreement mainly concern the data exchange which must be brought into conformity with OECD standards.
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As part of the financial cooperation agreement, Germany sanctioned 124.5 million to Georgia of which 115 million has been allocated as soft loan, while remaining 9.5 million as grants on the basis of the agreement on financial cooperation.
As per the terms of the agreement, the loan will be given by the German Credit Bank for Reconstruction, which will be invested on the development of the various infrastructure projects.
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By GlobalData
