IBRD offers $80m to support rural development in Georgia
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A multi-million dollar loan from an international bank will help residents and businesses in Georgia’s rural areas improve their professional skills and promote innovation, while additional aid will support road asset management through better road maintenance.
Today Georgia’s Ministry of Finance and the International Bank for Reconstruction and Development (IBRD) signed two agreements that envisaged the financing of the Georgia - National Innovation Ecosystem Project and the Domestic Road Asset Management Project.
The IBRD will allocate $40 million USD financial assistance for each project.
On March 18, 2016 the World Bank’s board of executive directors approved a $40 million USD loan to the IBRD for the Georgia - National Innovation Ecosystem Project.
Within this project funds will be used to establish innovative centres in Georgia’s towns and villages where the population will have the opportunity to learn various professions, said Georgia’s Prime Minister Giorgi Kvirikashvili at last week’s Governmental meeting.
Furthermore, regional areas will also receive grants to finance innovative and high-technological businesses, said the PM.
Few details were released about the Domestic Road Asset Management Project however it is understood funds allocated to this cause will be used to support road asset management through better road maintenance.
Germany is offering €140 million financial assistance to Georgia to implement major investments projects in the country. From this money Georgia will receive €135 million as a loan and €5 million as a grant.
The World Bank Group is continuing to support Georgia’s transformation into a regional transport and logistics hub by offering the country a large financial support package.
The Georgian Government and the World Bank have signed two financial agreements on an IBRD (International Bank for Reconstruction and Development) loan of $120 million USD to develop the country’s private sector, raise competitiveness and foster inclusive growth.
The World Bank Group has confirmed a $60 million USD loan for Georgia to increase its competitiveness and economic growth, which are two of the most important components of the cooperation strategy between the World Bank and Georgia in 2010-2013.