World Bank supports major reforms in Georgia

Georgia's Minister of Finance and the World Bank Vice President for Europe and Central Asia Cyril Muller. Photo by Georgia's Ministry of Finance., 07 Dec 2016 - 14:01, Tbilisi,Georgia

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.

This week the World Bank reiterated its firm support for Georgia’s reforms.

Our partnership with Georgia is very strong, and we stand ready to support programs in these areas,” said the World Bank Vice President for Europe and Central Asia Cyril Muller, who visited the country this week.

Muller commended Georgia on its steady economic growth and development priorities.

Strong implementation of Georgia’s four-point plan focused on education, governance, business environment and infrastructure has the potential to accelerate economic growth, create jobs, and bring opportunities to all Georgians,” said Muller.

The World Bank high official met top Georgian authorities in capital Tbilisi, where he outlined the need to focus on addressing critical constraints to growth while creating opportunities aimed at improving the lives of all people in Georgia, especially the poorest and most vulnerable.

Muller reaffirmed the Word Bank’s partnership with Georgia and acknowledged the progress that has been made to date.

I am glad to see Georgia among the top 10 global reformers in improving the business environment. The country was ranked 16 out of 190 economies in the most recent Cost of Doing Business survey,” said Muller.

Muller also visited the Georgian Innovation and Technology Agency and met with the World Bank-supported Georgia National Innovation Ecosystem (GENIE) project and its beneficiaries. 

The project's objective was to increase the innovative activities of firms and individuals across Georgia and their participation in the digital economy. The project will help to create jobs and new small and medium-sized enterprises.

Currently the World Bank portfolio included 12 active projects in Georgia with total commitments worth $744 million. Areas of support include transport, energy, innovation, regional development, and agriculture.