World Bank supports Georgia to carry out reforms with €47.2m
Tweet 
Share
The World Bank continues supporting Georgia’s economic reform program in key areas by providing a loan of €47.2 million.
Georgia’s Finance Ministry and the World Bank signed a corresponding agreement yesterday.
This is the second Inclusive Growth Programmatic Development Policy Operation for Georgia (DPO2), which was approved by the World Bank's Board of Executive Directors on April 28, 2017.
This financial assistance will help Georgia to improve budgeting and fiscal oversight of public institutions, as well as the quality of social services for citizens.
The World Bank is one of the active supporters of reforms that are being implemented in Georgia. The Government of Georgia has been implementing reforms [in various directions] within the framework of its four-point reform plan … this actions should result in fast economic growth, creation of more job places and the well-being of our citizens,” said Georgia’s Finance Minister Dimity Kumsishvili, after signing the deal with the World Bank.
Meanwhile, World Bank Regional Director for the South Caucasus Mercy Tembon said this operation would reinforce Georgia’s commitment to maintain a stable macro-fiscal framework and pursue structural reforms.
The reforms in the fiscal and social sectors will strengthen Georgia’s performance in the years to come and improve living standards of its citizens,” she said.
The World Bank is praising Georgia for its major reform plan that aims to improve the country’s investment environment, boost economic growth and ensure macroeconomic stability.
The World Bank (WB) says it’s eager to support Georgia implement its four-point reform agenda, which includes new tax benefits, infrastructure plans, governance reforms and an overhaul of the education system.
The World Bank Group is praising the four-point Governmental reform plan that aims to improve Georgia’s investment environment.
Georgia will receive a credit line to the amount of €44.6 million from the International Bank for Reconstruction and Development (IBRD).
Georgia and the World Bank are celebrating 25 years of partnership today.
The World Bank is continuing to help Georgia improve its main transport artery, the East-West Highway, by offering €16.9 million.
Two new logistic centres will be built in Georgia’s third largest city Kutaisi and in the village Kumisi, near capital of Tbilisi to cement Georgia’s reputation as a logistics hub country.