World Bank to allocate €46.2mln for Georgian agriculture, irrigation, land market

The International Bank for Reconstruction and Development will allocate €46.2 million for enabling development of sustainable agriculture, irrigation and land market in Georgia, the Ministry of Finance of Georgia announced on Monday.

The agreement was signed earlier today between Finance Minister Lasha Khutsishvili and Sebastian Molineus, the World Bank Regional Director for the South Caucasus. The IBRD is the lending arm of the World Bank.

Within the first facility under the Green and Sustainable Development Policy of Georgia, €46.2 million will be allocated to the country, which will be channelled to the state budget”, the Ministry said.

The Ministry also said the programme involved commitments by Georgia towards climate change - including sustainable forest management, industrial emission management and generation of renewable energy - as well as procedures for the financial oversight of state-owned enterprises and their forms of governance and improved access to land, water and financial resources.

In total, €69.3 million will be allocated as part of the project to improvement of irrigation and drainage services in Kakheti, Shida and Kvemo Kartli, Mtskheta-Mtianeti and Samegrelo-Zemo Svaneti regions of Georgia.