Georgia boosts investment in energy with World Bank support
Georgian Finance Minister Ivane Machavariani and Regional Director of the World Bank in the South Caucasus Mercy Tembon signed the loan agreement today. Photo: Ministry of Finance.
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The International Bank for Reconstruction and Development (IBRD) is offering a $62 million loan to help increase the reliability of the electricity supply and prevent outages across the regions of the western Georgia.
The loan will ensure the financial viability of the Georgia State Electrosystem (GSE), and help the GSE access long-term commercial financing.
The money will be allocated as part of the Energy Supply Reliability and Financial Recovery Project, which was approved by the World Bank on May 24 and will be financed by the IBRD, the first of five member institutions that compose the World Bank Group.
Georgian Finance Minister Ivane Machavariani and Regional Director of the World Bank in the South Caucasus Mercy Tembon signed the loan agreement today.
The project will increase the electricity supply and prevent outages across the Georgian regions, furthermore, it will assist GSE to tap into even greater domestic and international financing resources,” said Tembon.
The project is consistent with the World Bank’s latest Country Partnership Framework 2019-2022 for Georgia, and will also help the country achieve the targets under its Nationally Determined Contribution.
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