Execution of investment projects financed by externally borrowed funds

Organizational Code Program 2024 annual plan 12 month actual spending %
56 13 09 Tbilisi Metro Modernization Project 5,000 c - c 0%
31 06 05 Program for Supporting the Development of Irrigated Agliculture in Georgia (ADB, AFD, EIB) 725 c 15 c 2%
27 04 02 02 Rapid response project against COVID-19 (AIIB, KfW, WB) 9,000 c 274 c 3%
25 04 04 Kutaisi Wastewater Project (EIB, EPTATF) 9,800 c 497 c 5%
56 13 08 Municipal infrastructure of Batumi (Phase V) (KfW) 10,000 c 1,495 c 15%
24 14 01 02 Namakhvani-Tvishi-Lajanuri OHL (EBRD, KfW) 10,500 c 1,665 c 16%
24 14 01 06 Kheledula-Lajanuri-Oni (KfW) 13,000 c 3,809 c 29%
56 13 02 01 Tbilisi Solid Waste Management Project (EBRD) 10,000 c 3,698 c 37%
24 19 Vardnili and Enguri hydropower plants rehabilitation project (EBRD, EIB, EU) 5,000 c 2,103 c 42%
24 14 01 01 500 kV OHL "Tskaltubo-Akhaltsikhe-Tortum" (KfW) 35,000 c 17,147 c 49%
25 02 03 13 Kakheti Transport Links Improvement Project (WB) 90,000 c 47,083 c 52%
56 13 03 Adjara Villages Water Supply and Wastewater Program, Georgia (EU, KfW) 13,000 c 6,847 c 53%
25 03 03 Regional Development Project III (Mtskheta-Mtianeti and Samtskhe-Javakheti) (WB) 24,000 c 16,008 c 67%
24 07 02 03 - 56 13 06 Project for Assistance and Recovery of Micro, Small and Medium Enterprises of Georgia (National Bank Component) (WB) 50,000 c 39,788 c 80%
25 07 01 05 Rehabilitation of public schools in mountainous regions of Georgia and Development of energy efficiency (E5P, NEFCO) 4,000 c 3,217 c 80%
24 14 01 05 Open Program for the Energy Sector (Kfw) 3,300 c 2,712 c 82%
26 09 - 31 06 03 - 31 06 04 Irrigation and Land Market Development Project (WB) 9,118 c 7,817 c 86%
24 14 01 04 Strengthening of Guria Power Transmission Line Infrastructure (EU-NIF,KfW) 15,850 c 13,615 c 86%
24 08 03 Log-In Georgia (WB,EIB) 50,000 c 43,130 c 86%
25 02 03 03 East-West Express Highway Corridor Modernization-construction of the Samtredia-Grigoleti highway (EIB, EU) 75,000 c 67,566 c 90%
27 04 02 03 COVID-19 Vaccine Support Project in Asia-Pacific Vaccine Access (APVAX) (ADB) 97 c 90 c 93%
27 04 03 Georgia Municipal Infrastructure Renewal Project (EIB) 20,903 c 19,604 c 94%
25 02 03 10 Construction of Tbilisi-Bakurtsikhe-Lagodekhi road (ADB) 30,000 c 28,513 c 95%
31 05 15 01 Dairy Modernization and Market Access Program (DiMMA) (IFAD) 11,000 c 10,518 c 96%
25 07 01 03 - 32 09 Innovation, Inclusivity and Quality Project - Georgia I2Q ​​(WB) 71,500 c 68,795 c 96%
25 05 03 Integrated solid waste management program II (KfW) 11,000 c 10,761 c 98%
25 05 02 Kvemo Kartli Waste Management Project (SIDA, EBRD) 1,500 c 1,470 c 98%
25 02 03 09 North-South Corridor (Kvesheti-Kobi) Road (EBRD, ADB) 185,000 c 182,503 c 99%
25 04 01 Urban Service Improvement Program (Water Supply & Wastewater Sector) (ADB) 47,000 c 47,232 c 100%
32 11 Sector Loan for the Education Sector (ADB) 2,500 c 2,600 c 104%
25 04 02 Improvement of Communal infrastructure in Imereti and Kazbegi 27,000 c 28,942 c 107%
24 14 01 03 500 kV OHL Jvari-Tskaltubo (WB) 21,000 c 24,496 c 117%
25 02 03 01 East-West Express Highway Corridor Improvement Project (Zemo Osiauri-Rikoti) (EIB, WB) 75,000 c 87,687 c 117%
25 03 04 Regional and Municipal Infrastructure Development Project II (WB, WB-TF) 16,000 c 18,717 c 117%
56 13 01 Solid Waste Project of Adjara (EBRD, SIDA) 5,000 c 6,275 c 126%
25 02 03 07 Reconstruction-construction of Ubisa-Shorapani section of Tbilisi-Senaki-Leselidze road (EIB) 107,000 c 136,884 c 128%
25 02 03 06 Reconstruction-construction of Ubisa-Shorapani section of Tbilisi-Senaki-Leselidze road (EIB) 17,500 c 22,643 c 129%
24 12 - 25 03 05 - 56 13 04 Livable Cities Investment Program (ADB) 38,600 c 51,123 c 132%
25 02 03 02 - 25 02 03 11 Batumi New Bypass Road Project (ADB, AIIB) and Construction of the Poti Bridge over the Rioni River (ADB) 54,000 c 75,596 c 140%
56 13 10 Tbilisi Bus Project (Phase II-Gas) (EBRD) 200 c 354 c 177%
25 02 03 04 Reconstruction-construction of Chumateleti-Khevi section of Tbilisi-Senaki-Leselidze road (WB, EIB) 60,000 c 122,623 c 204%
56 13 05 Sustainable urban mobility (KfW) 800 c 1,663 c 208%
25 02 03 08 Construction of Senaki-Poti-Sarpi road km48-km64 Grigoleti-Choloki section (EIB) 17,000 c 35,772 c 210%
25 04 03 Development of water supply and wastewater systems of the city of Khashuri and surrounding settlements (AFD, EU) 10,600 c 26,618 c 251%
56 13 02 02 Tbilisi Municipal Services Project (EBRD) 5,000 c 21,957 c 439%
25 02 03 05 Reconstruction-construction of Khevi-Ubisa section of Tbilisi-Senaki-Leselidze road (ADB) 12,500 c 55,007 c 440%
32 10 Professinoal Education Program 1 (KfW) 0 c 15,316 c
25 02 02 10 Batumi (Angisa) - Rehabilitation-Reconstruction of Khulo-Zarzma Section of Akhaltsikhe Highway (Kuwait Fund) 0 c 1,005 c
25 04 07 Sustainable Water Supply and Sanitation Sector Development Program (ADB) 0 c 2,166 c
24 14 04 01 500 kV OHL "Ksani-Stefantsminda" (EBRD, EU, KfW) 0 c 18,605 c
25 02 02 09 Internal Road Asset Management Project (WB) 0 c 137 c
25 02 02 11 Rehabilitation and reconstruction of Chumateli-Kharagauli section of Durila-Kharagauli-Moliti-Pona-Chumateti internal road (ADB) 0 c 18 c
25 03 06 Bakuriani Municipal Services Improvement Program (EBRD) 0 c 131 c
25 07 01 02 Tbilisi Public School Rehabilitation and Energy Efficiency Project (CEB, E5P) 0 c 409 c
56 13 02 03 Tbilisi Waste Management Project (EBRD) 0 c 655 c
56 13 02 04 Tbilisi Landfill Gas Collection System Project (E5P, EBRD) 0 c 469 c

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Monetary Structure is an indicator of foreign exchange risk sensitivity for public debt.

Georgian public debt is denominated in six different currencies, among them the biggest share comes to EUR and USD.

Source: Ministry of Finance of Georgia

Last update: 04.04.2025

Multilateral creditors – international financial institutions, such as International Monetary Fund, World Bank, Asian Development Bank, etc.

Bilateral creditors – governments of other countries that sign loan contract with the government of debtor country.

State Securities – Eurobonds, which are issued on foreign stock exchange and are denominated in a currency other than the home currency of the country (in Georgia’s case, they are denominated in US Dollars).

Other Debt – includes state guaranteed credits and external debt of National Bank of Georgia.

Source: Ministry of Finance of Georgia

Last update: 04.04.2025

Fixed interest rate – interest rate that is defined in the loan agreement and does not change during loan tenor.

Variable interest rate – interest rate, calculation method of which is defined in loan agreement and the amount depends on market interest rate. For instance, EURIBOR and LIBOR are variable market interest rates.  

Source: Ministry of Finance of Georgia

Last update: 04.04.2025

Funds received from external credit resources finance budget deficit and/or particular investment projects.

Budget support loans finance current budget expenditures and are not used to finance any specific project.

Investment loans finance only investment projects determined by the loan agreement.  

Source: Ministry of Finance of Georgia

Last update: 04.04.2025

The chart represents execution state of investment projects financed from external credit resources. Timely disbursement and spending of external credit resources are crucial for those loans which have commitment fee on undisbursed portion of loans.

Source: Ministry of Finance of Georgia

Last update: 04.04.2025