Georgian, World Bank Group officials discuss projects as sides mark 30 years of partnership
The meeting involved Finance Minister Lasha Khutsishvili with Sebastian Molineus, the World Bank Regional Director in the South Caucasus, and Miguel Eduardo Sánchez Martín, the new Head of the World Bank programmes in the South Caucasus. Photo: Ministry of Finance
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Georgian officials met World Bank Group representatives on Thursday to discuss current and future projects, as the sides are marking 30 years of partnership this year, the Ministry of Finance said.
The meeting involved Finance Minister Lasha Khutsishvili with Sebastian Molineus, the World Bank Regional Director in the South Caucasus, and Miguel Eduardo Sánchez Martín, the new Head of the World Bank programmes in the South Caucasus.
Khutsishvili thanked Molineus for the "important assistance" provided by the World Bank, and for the support in implementation of current reforms in the country, the Ministry said.
Georgia became a member of the World Bank in 1992, with the institution investing $4.3 billion through over 100 projects across different sectors of the country’s economy since.
World Bank will allocate $400 million for the Human Capital Programme for Georgia, calling it “the largest cross-sectorial investment” for the country over 30 years of partnership.
The Georgian economy is projected to grow 5.5 percent in 2022 and next year, followed by a 5 percent growth in 2024, the June edition of the World Bank’s Global Economic Prospects report has said.
A new report published by the World Bank on Tuesday said agriculture, water, and land in Georgia could be a source of “increased economic productivity,” including a transition from low agriculture returns to high-value crop production, if supported by targeted policies and complementary public and private investments.
The World Bank is “ready to provide assistance” to Georgia during the “difficult” period involving challenges created by the financial impacts of the Russian invasion of Ukraine, Sebastian Molineus, the Bank’s Regional Director for the South Caucasus, said on Wednesday.
Levan Davitashvili, the Georgian economy minister and vice prime minister said on Tuesday, at the ceremony celebrating the 30th anniversary of the partnership between the World Bank and Georgia, he was “glad” that Georgia has officially joined the International Development Association of the World Bank as a donor country and would have an opportunity to share its success and experience with the countries being “unfortunately” on the verge of poverty and aiming to develop into higher income countries.
Georgian finance minister Lasha Khutsishvili has discussed cooperation between Georgia and international financial institutions as part of his ongoing visit to the United States for annual meetings of the International Monetary Fund and the World Bank Group.
Sameh Wahba, the regional director for sustainable development at the World Bank's Europe and Central Asia region, on Wednesday praised the bank’s completed and ongoing projects in Georgia and expressed readiness to further support new programmes.