A total of €105 million will be spent to reconstruct public buildings in Georgia as part of a joint project carried out by the German Development Bank (KfW) and the European Bank for Reconstruction and Development (EBRD), reported agenda.ge.

The budget of this project is a combination of low-interest loans of €80 million, an investment grant of €20 million and a €5 million grant for technical assistance. The project will start in 2019, and will include the reconstruction of public buildings with energy efficient and renewable energy technologies.

The bill, Encouraging the Production and Use of Energy from Renewable Sources, has already been submitted to the Parliament of Georgia. Twelve months after the law comes into force, the Ministry of Economy will develop a 10-year National Renewable Energy Action Plan and submit it to the government of Georgia for approval. According to the bill, the target for the share of renewable energy in total final energy consumption is 29.5% by 2019 and 35% by 2030.

The German Development Bank (KfW) is a promotional bank which administers Germany’s official Financial Cooperation in more than 100 developing and transition countries in Africa, Asia, South and Central America, the Middle East and the Caucasus. Its priority areas of activity include poverty reduction and economic development, good governance, education and health care, and protection of the climate and the environment.