World Bank supports Georgia to improve living standards
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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 new CPF is fully aligned with the government’s vision for the country’s development, which is driven by the "Georgia 2020” program that emphasises freedom, rapid development, and prosperity through four policy goals - economic reform, education reform, spatial arrangement and infrastructure, and governance, says the World Bank.
To support the government in achieving the twin goals of eliminating extreme poverty and promoting shared prosperity, the World Bank Group’s CPF envisages support to Georgia across three areas: enhancing inclusive growth and competitiveness, investing in human capital, and building resilience.
We look forward to a Georgia endowed with human capital that will lift people out of poverty, improve their prosperity, and increase the country’s competitiveness and resilience in the next four years,” said Mercy Tembon, Regional Director for the South Caucasus.
I would like to thank the Government of Georgia for its commitment and steadfastness during the strategic discussions we had to identify the main priorities. I would also like to express our appreciation to the private sector, academia, civil society and other development partners for engaging with us during this process.”
Building on the strong foundation put in place by the previous Country Partnership Strategy (CPS) for Georgia, the new CPF will work to consolidate gains and move the economy toward addressing next-generation development challenges for sustained and inclusive growth and poverty reduction. To this end, the World Bank Group has committed to allocate approximately $600-800 million for the period 2019-2022.
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.
The production of bitcoins and blockchain technologies are very well developed in Georgia and furthermore, the country is among the leaders in this field, believes a World Bank delegation to Georgia.
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.
The World Bank is continuing to help Georgia improve its main transport artery, the East-West Highway, by offering €16.9 million.
Almost 22 percent of Georgia’s population is under the absolute poverty line, shows the latest data of 2017 poverty indicators published by the National Statistics Office of Georgia (Geostat).
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.
Georgia has reached a historic high in terms of effectiveness of corruption control and governance, reveals the World Bank report ‘Worldwide Governance Indicators’.
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.
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.
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.