Global financial institutions support Georgia’s reforms

A Georgian delegation headed by the country’s Finance Minister Dimitry Kumsishvili has just returned from the United States (US) and brought promising deals from different financial institutions.

The World Bank, the European Investment Bank (EIB) and the United States government’s Overseas Private Investment Corporation (OPIC) are among donor organisations who will invest heavily in Georgia’s different sectors.

While some of them are investing in the development of different fields in the country, some have chosen to rather support Georgia’s already ongoing and planned reforms.

Specifically, the state budget of Georgia will received $100 million from the World Bank. The money will be spent for supporting the reforms’ implementation process in the country.

Meanwhile, the EIB plans to allocate €250 million to finance infrastructure projects in Georgia.

The OPIC decided to double the investment limit for Georgia. The organisation has been supporting Georgia since 1995 and during this time it has invested more than $500 million in the country.

Meanwhile, the three largest rating agencies Fitch Ratings, Moody’s and S&P praised Georgia’s fiscal policy.

Overall, the huge positive [energy] that comes from international financial institutions and rating agencies towards Georgia recently proves that all components of the [Government’s] four-point reform plan are well structured. This means new job places will be created in each direction [of the reform plan] and our economy will develop faster,” said Georgia’s Prime Minister Giorgi Kvirikashvili, who today summed up the US visit at a government meeting.

The Georgian delegation left Georgia for the US last week.