World Bank selects 20 countries, including Georgia in which to implement Human Capital Project
Georgian Finance Minister Ivane Machavariani participated in the Human Capital Summit today. Photo: Finance Ministry.
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Georgia is among 20 selected countries in which the World Bank will implement its new initiative ‘Human Capital Project’ – a global effort to accelerate more and better investments in people for greater equity and economic growth.
This year’s Human Capital Summit, held today in Indonesia, featured world leaders, including Georgian Finance Minister Ivane Machavariani, who delivered his speech at the summit and thanked the World Bank for initiating the project.
At the summit Matchavariani announced that the Georgian government plans to implement “important reforms” for developing human capital and first of all these reforms are linked to the education sector. The reforms aim to provide high quality education and make it accessible for all.
Later, when Matchavariani met Frank Heemskerk, Executive Director at the Board of the World Bank Group, Heemskerk praised Georgia’s reforms and achieved progress. He hoped cooperation between Georgia and the World Bank to further improve in the future.
The World Bank supports Georgia’s reforms and during 25 years of partnership the World Bank has invested about $4.3 billion in over 100 projects.
Georgia has reached a historic high in terms of effectiveness of corruption control and governance, reveals the World Bank report ‘Worldwide Governance Indicators’.
Georgia’s logistics performance has improved, jumping 11 places from 130th to occupy the 119th position on the World Bank’s recently released Logistics Performance Index (LPI) 2018 report. The 2018 Logistics Performance Index scores countries on how efficiently they move goods across and within borders.
The World Bank Group Board of Executive Directors has endorsed the 2019-2022 Country Partnership Framework (CPF) for Georgia, which aims to support sustainable and inclusive growth and improve living standards in the country.
The World Bank is ready to support the successful implementation of current and planned reforms by the Government of Georgia, says the Executive Director of the World Bank Group and the bank’s representative in Georgia Frank Heemskerk.
Georgia’s reputation as a business friendly country is growing after becoming the 6th best country in the world in terms of economic development and easy of doing business.
“Tbilisi, Batumi and Martvili meet all quality standards”
Georgia’s municipality of Martvili and the cities of Tbilisi and Batumi have all successfully passed the so called “PEFA CHECK” launched by the World Bank and the European Union, which confirms that “all quality standards had been met” in these areas.
Georgian Prime Minister Mamuka Bakhtadze and the World Bank's Regional Director for the South Caucasus Sebastian Molineus spoke of “close cooperation” between the World Bank and the Government of Georgia at a meeting on the sidelines of the 16th Batumi International Conference.
Georgian authorities have improved the country’s public financial management systems, the World Bank said on Thursday in its 2022 Public Expenditure and Financial Accountability assessment, which compared improvements to the institution’s 2018 report.