Article 3 1. Subject to the conditions set out in paragraph 2, the Union’s macro-financial assistance shall be made available by the Commission in two instalments, each of them consisting of a grant and a loan element. The size of each instalment shall be laid down in the Memorandum of Understanding.
2. The Commission shall decide on the release of the instalments subject to the satisfactory fulfilment of the economic policy and financial conditions agreed in the Memorandum of Understanding. The disbursement of the second instalment shall take place no earlier than three months after the release of the first instalment.
3. The Union’s funds shall be paid to the National Bank of Georgia. Subject to provisions to be agreed in the Memorandum of Understanding, including a confirmation of residual budgetary financing needs, the Union’s funds may be transferred to the Treasury of Georgia as the final beneficiary.