Georgia signs World Bank deal for €358 mln Human Capital Programme
Georgian Finance Minister Lasha Khutsishvili (L) and World Bank Regional Director for the South Caucasus Sebastian Molineus (R) signed an agreement on increasing the efficiency of service delivery in the fields of health and social care and increasing access to high quality education in Georgia. Photo: Georgian Finance Ministry
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Lasha Khutsishvili, the Georgian Finance Minister, and Sebastian Molineus, the World Bank Regional Director for the South Caucasus, signed a €358,500 million agreement for the Human Capital Programme for Georgia on Wednesday.
Designed to contribute to increasing the efficiency of service delivery in the fields of health and social care, the Human Capital Programme will also aim to increase access to high quality education in the country, the Finance Ministry said.
Approved by the World Bank Board of Executive Directors last week, the programme will also seek to improve social protection outcomes in the country.
The World Bank is using the funding instrument Programme for Results for the first time, with the implementation and monitoring of the activities under the Programme to be “entirely based” on the existing institutions and systems in public administration of Georgia, the Ministry explained.
The project will be coordinated by the Ministry, while the outcomes and indicators of the programme will be the responsibility of the country’s Education and Health Ministries.
Ongoing programmes in the areas of regional and urban development, vocational education and governance with the support of the French Development Agency (AFD) were discussed at the meeting between Lasha Khutsishvili, the Georgian Finance Minister, and Diego Colas, the French Ambassador to Georgia, on Wednesday.
Bilateral relations between Georgia and the Netherlands was a topic of discussion between Georgian Finance Minister Lasha Khutsishvili and Dutch Ambassador to Georgia Maaike van Koldam on Tuesday.
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.
World Bank will finance the $109 million construction project for a 17-km, four-lane, access-controlled highway in the Eastern Georgia’s winemaking region of Kakheti to facilitate connection between the province and the capital Tbilisi as part of the country’s highway network.
An agreement on the construction of a 17-km, four-lane, access-controlled highway in eastern Georgia’s winemaking region of Kakheti was signed between the Georgian Finance Minister Lasha Khutsishvili and the World Bank Regional Director for the South Caucasus, Sebastian Molineus, earlier today.
Questions of cooperation between the International Finance Corporation and Georgia, and the IFC’s decision to increase its portfolio for Georgia in support of the private sector in the country were discussed during a meeting between Lasha Khutsishvili, the Georgian Finance Minister, and Damien Shiels, the Acting Regional Director of the IFC on Wednesday.
Current macroeconomic parameters of Georgia, the impact of the global pandemic on the country, and trends of economic recovery were discussed by Lasha Khutsishvili, the Georgian Finance Minister, and World Bank officials on Wednesday.
Georgian Finance Minister Lasha Khutsishvili said on Wednesday Georgia had “strong support” from the international financial organisations, which was reaffirmed during his visit to Washington.
Lasha Khutsishvili, the Finance Minister of Georgia, has met representatives of international financial companies and corporations at the ongoing Spring Meetings forum of the World Bank Group and International Monetary Fund in Washington.
Significance of human capital development in Georgia was raised by the country’s Finance Minister Lasha Khutsishvili on Wednesday at an online forum organised by the World Bank.
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.
The Nordic Environment Finance Corporation, an international finance institution working on green transition, has allocated €6.5 million to Georgia in support of energy efficiency in the country’s mountainous regions, the Georgian Finance Ministry announced on Wednesday.
A human capital programme designed to unlock Georgia’s growth potential through investments in health, education and social protection has been launched in the country, the World Bank announced on Tuesday.