Germany will spend 27 million Euros to help the Georgian energy sector reform based on an agreement between Georgia and the German state-owned investment and development bank (KfW).

Minister Lasha Khutsishvili and Birgit Holderied-Kreß, director of the KfW Office in Tbilisi, signed the agreement on stabilizing the economy by supporting the sector reform earlier today.

“With this commitment, authorities of the country will continue strides towards using the full potential of renewable energy, energy efficiency and a market-driven energy market”, - reads the statement of the agency.

The agreement involves implementation of phase 5 of the energy sector reform, which, in turn, provides support for sector-specific initiatives planned by the Georgian government.