Business
Posted: 2 months ago

World Bank Allocates EUR 45 million to Georgia

The World Bank Board of Executive Directors approved today financing Georgia with 62 million for financial inclusion and accountability.

The project is designed to continue the ongoing dialogue and support the authorities of Georgia in design and implementation of reforms that lay down the core foundations needed to foster financial sector diversification and deepening, improve the efficiency of government while taking the measures, increase competitiveness, build up foundations for more competitive, transparent, better governed institutions and markets, diversify financial sector, enrich payments and work of teacher, and strengthen promoting investments.

“This operation reinforces the country’s commitment to maintaining a stable macro-fiscal framework and pursuing structural reforms,” says Sebastian Molineus, World Bank Regional Director for the South Caucasus. “Improved economic management and enhanced competitiveness will help strengthen Georgia’s economy, raise people’s living standards, and support a faster recovery in economic activity once the COVID-19 pandemic is over.”

The operation supports a reform program that is closely aligned with the Government of Georgia’s 2020 Socio-economic Development Strategy. It is also anchored in the World Bank’s Country Partnership Framework for Georgia for 2019-2022.