The Iranian government will allocate 20 million euros in projects aimed at boosting economic and trade ties with Georgia, IRNA news agency reported on May 1.

No details of future projects have been reported, but, according to IRNA news agency, these funds will be withdrawn form the Iranian Foreign Exchange Reserve Fund.

In a separate report, IRNA quoted official from the Chamber of Commerce, Industry and Mines of the Gilan province as saying that Iran plans to begin facilitating permanent trade representation in Georgia.

Iranian First Vice-President Mohammad Reza Aref, accompanied by a group of Iranian businessmen, visited Georgia in late April to discuss economic cooperation with the Georgian leadership.