Germany revokes loan cooperation with Georgia

Germany has refused to provide state-level loan support to Georgia for political reasons, German Minister for Economic Cooperation Svenja Schulze said, Report informs via Interfax.

"Development cooperation with this government [Georgia] can no longer be implemented. All projects in Georgia are under review. New projects will not be launched, and loan agreements will not be signed. We may take additional steps in coordination with the European Union and our partners," the minister noted.

Germany is one of Georgia's main bilateral creditors. As of October 1, Georgia's external debt to Germany amounted to $617.6 million. This represents approximately 7% of Georgia's total external public debt ($9.03 billion).