World Bank pledges $80 mln to support Georgia’s response to COVID-19 pandemic
This project is a part of World Bank’s broader support for the people of Georgia, and it is the first in a series of three lending operations to be rolled-out over the coming three months. Photo: Nino Alavidze/Agenda.ge.
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The World Bank will provide $80 million to Georgia under the Fast Track COVID-19 Facility to mitigate the health and social impacts of the COVID-19 pandemic, announces the World Bank.
The World Bank is also collaborating with the Asian Infrastructure Investment Bank to provide an additional $100 million under a joint co-finance arrangement.
Through our rapid support we are helping save lives and protect the livelihoods of those impacted by the pandemic during this challenging time. We estimate that the total World Bank Group financing package for Georgia COVID-19 response will be approximately $200 million in new financing, in addition to the approximately $300 million funds in our pipeline for 2020-2021 for projects in support of broader development needs, such as digital connectivity and infrastructure”, said Sebastian Molineus, World Bank Regional Director for the South Caucasus.
See the full comment of Sebastian Molineus here:
Video by the World Bank.
This project is a part of World Bank’s broader support for the people of Georgia, and it is the first in a series of three lending operations to be rolled-out over the coming three months.
The second upcoming operation will help the government cover the unanticipated financing gap and ensure Georgia’s progress in implementing reforms in areas critical for inclusive economic growth. The third intends to support the jobs agenda as well as micro, small and medium-sized enterprises that have been affected by the pandemic.
Molineus praised the efforts of the Georgian government which 'implemented very important projects, had fiscal policy, reserves, worked very well in the direction of inflation', doctors and healthcare workers 'on the frontline who are doing extraordinary heroic job' and the people of Georgia 'who have shown incredible discipline' during COVID-19 pandemic.
Georgian Prime Minister Giorgi Gakharia thanked the World Bank for "additional financial support" in his post on Twitter account:
Grateful to @WorldBank for additional financial support of $80 million. Moreover, we continue our work on the project Log-In Georgia, which will connect more than 700 rural areas to the internet. Together, we will overcome this crisis. Thank you @SMolineus for your efforts!
— Giorgi Gakharia (@GakhariaGiorgi) April 29, 2020
In addition the World Bank also intends to support digital connectivity and infrastructure through the upcoming “Log-In Georgia” project, which will support the government’s plan to connect more than 700 villages to the internet via fiber optic cable networks, which will boost remote learning and overall connectivity essential for livelihoods hampered by pandemic-required social distancing, announced the World Bank.
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The United States Agency for International Development (USAID) is helping the government of Georgia develop a post-coronavirus recovery plan that focuses on increased employment opportunities, announces the United States Embassy in Georgia.
The Georgian Football Federation will receive €4.3 million from UEFA to overcome the financial impact caused by the coronavirus pandemic. In addition to Georgia UEFA is helping all its 55 member associations. For this reason UEFA has allocated €236.5 million which will be distributed to the national associations to cover running costs and to help develop targeted areas of domestic football.
The European Bank for Reconstruction and Development (EBRD) and the National Bank of Georgia (NBG) are increasing the availability of the Georgian national currency, the lari (GEL), to private companies in a joint move to support businesses suffering from the impact of the coronavirus pandemic, announces the EBRD.
Ten more individuals have recovered from coronavirus Georgia increasing the total number of recoveries to 178. As of now, Georgia has confirmed a total of 517 coronavirus cases. Six people have died of coronavirus-related complications, while 331 remain infected.
Slovakia has allocated €44,198.05 for five projects for Georgia aimed at combating the COVID-19 pandemic and its consequences, announces the Embassy of the Slovak Republic in Georgia.
Some Japanese, South Korean and German companies have expressed their desire to transfer part of their businesses to Georgia, Economy Minister Natia Turnava has recently stated. Minister Turnava considers that by doing so, global companies would gain a comparative advantage.
Georgia will receive €150 million in macro-financial assistance from the European Council to help the country ‘cope with the economic fallout’ of the COVID-19 pandemic. Georgia is among the ten enlargement and neighbourhood partners of the European Union which will receive the assistance ‘in the form of loans on highly favourable terms’.
The World Bank is allocating €45 mln to help Georgia mitigate the economic impact of the coronavirus and to support the Georgian government cover unanticipated financial gaps in the budget that have arisen due to the pandemic.
The Asian Infrastructure Investment Bank (AIIB) has approved a loan of €45 million to Georgia to mitigate the negative economic and social impacts of Covid-19 and sustain the momentum of pre-pandemic reforms that support economic growth and resilience, announces the AIIB.
A total of 1,000 villages in Georgia will receive better internet connectivity as the World Bank’s Board of Executive Directors has approved €35.7 million to support the country’s digital transformation. The project aims to connect people, enterprises and institutions across rural Georgia to high-quality, affordable broadband internet and promote the use of digital services.
The World Bank is ready to support Georgia in the purchase of Covid-19 vaccines as soon as an effective one becomes available, announces Georgian Finance Minister Ivane Matchavariani after a video conference with Vice President of the World Bank for Europe and Central Asia Anna Bierde.
Georgia will receive between 600 - 700,000 COVID-19 vaccines as soon as an effective one becomes available.
Georgian Prime Minister Giorgi Gakharia and Regional Director of the World Bank for the South Caucasus Sebastian Molineus have discussed cooperation between Georgia and the World Bank along with an action plan for vaccination, the European integration of the country and structural reform agenda, announces the government of Georgia.
Georgian Prime Minister Giorgi Gakharia and the World Bank Vice President for Europe and Central Asia Anna Bjerde discussed the country's national vaccination plan as well as their 'efficient and effective cooperation' at a video conference earlier today.