World Bank allocates €45 mln to help Georgia mitigate coronavirus economic impact
This allocation is the second in a series of three lending operations of the World Bank to support Georgia amid the coronavirus. Photo: Nino Alavidze/Agenda.ge.
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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.
World Bank Regional Director for the South Caucasus Sebastian Molineus said that Georgia’s containment measures were successful in containing the spread of the virus but noted that they come with fiscal and economic costs.
We stand by Georgia’s side as a strong partner during this challenging time and support the government in its swift and effective anti-crisis measures to save people’s lives and protect livelihoods, mitigate the economic impacts of COVID-19, and maintain Georgia’s strong record of economic reforms”, said World Bank Regional Director for the South Caucasus Sebastian Molineus.
The financing is allocated in the framework of the Georgia Economic Management and Competitiveness Development Policy Operation (DPO) which aims to increase jobs, develop economic inclusion and resilience, improve the efficiency of using public resources, promote competitive markets, diversify the financial sector, improve teacher deployment and remuneration and strengthen investment promotion.
This allocation is the second in a series of three lending operations of the World Bank to support Georgia amid the coronavirus.
The first operation was a $80 million financial support package provided under the Fast Track COVID-19 Facility, the aim of which was to address and mitigate the health and social impacts of the pandemic.
The third tranche will focus on micro, small and medium enterprises and jobs affected by the pandemic.
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The International Bank for Reconstruction and Development (IBRD), the lending arm of the World Bank Group, has approved €73.1 million under the 'Emergency COVID-19 Response Project' for Georgia. The project aims to help the government’s efforts to mitigate and address the health and social impacts of the COVID-19 pandemic.
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 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.
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.