Economy
Posted: 3 weeks ago

Georgia Officially Joined the International Development Association of the World Bank

On the 30th anniversary of the partnership with the World Bank, Georgia becomes a donor of the International Development Association. The relevant document has already been signed.

The vice-president of the World Bank in the Europe and Central Asia region attended the conference. The parties discussed the results and progress achieved by Georgia's cooperation with the World Bank. The future perspectives of mutual cooperation were also discussed.

In addition, Georgia officially joined the World Bank's International Development Association (IDA) as a donor state. Minister of Finance Lasha Khutsishvili signed the corresponding document on behalf of the country at the event dedicated to the 30th anniversary of the partnership between the World Bank and Georgia held today.

The International Development Association was established in 1960 and is the main tool of the World Bank to help the poorest countries. Through grants and zero- and low-interest loans, the association promotes economic development, increased productivity and improved living standards on a global scale. Georgia became a member of the International Development Association in 1993 and since then, as a beneficiary, has received financial support in the amount of 1.53 billion US dollars. Georgia completed the 2014 association beneficiary program.