World Bank allocates $60m to reinvigorate two Georgian regions
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Two of Georgia’s regions are the focus of a development project that will reinvigorate the two regions and grow their tourism potential and local economies.
Residents of the Mtskheta-Mtianeti and Samtskhe-Javakheti regions will benefit from improved public and tourism infrastructure thanks to a $60 million USD development loan from the World Bank.
Today the World Bank Board of Executive Directors approved an International Bank for Reconstruction and Development (IBRD) loan to Georgia for the Third Regional Development Project.
The goal is to attract private investments, promote public-private partnerships, revitalise local business activity and develop regional tourism circuits. Owing to these improvements, the population of the region is expected to see an improved quality of life,” said World Bank Regional Director for the South Caucasus Henry Kerali.
The main components of the project are urban regeneration, tourism circuit development and provision of public infrastructure to attract private investments and institutional development.
The development loan will have a life-changing impact on the local population but the wider country will also benefit; the state will enjoy increased overall tourism spending and satisfaction, job creation, improved institutional capacity of selected agencies and improved capacity to operate and maintain assets.
This was the third regional development project approved by the World Bank for Georgia. The first Regional Development Project for Kakheti ($60 million IBRD loan) was approved by the World Bank in March 2012 and the second Regional Development Project for Imereti ($30 million IBRD loan) was approved by the World Bank in November 2012.
The World Bank’s commitments to Georgia since 1992 total approximately $2.39 billion USD.
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