Economy
Posted: 4 weeks ago

Human Capital Transformation Program Launched in Georgia

With the support of the World Bank and the French Development Agency, a human capital transformation program was launched in Georgia.

According to the World Bank, today Georgia officially launched the human capital program with the support of the World Bank and the French Development Agency, the goal of which is to increase the country's economic growth potential by investing in health care, education and social protection. This is the largest multi-sectoral investment that the World Bank has made in 30 years of partnership with Georgia, and also the first project that comprehensively focuses on all three critical areas of human capital development.

To support the human capital program, the World Bank allocated 400 million. An investment worth 400 million US dollars was allocated, and the French Development Agency (AFD) allocated 100 million EUR. The official signing ceremony of the co-financing agreement was held today at the event dedicated to the launch of the program.

"Together with the Georgian government, we are investing in the population of Georgia and its future. We believe that our joint efforts in strengthening the human capital of Georgia will be a significant stimulus for the country's economic and social well-being. By promoting the implementation of transformational reforms in education, health care, and social protection, the human capital program will play an important role in accelerating Georgia's long-term development and strengthening the path to EU membership," said Sebastian Molyneux, Regional Director of the World Bank in the South Caucasus.

The human capital program will strengthen the skills and competence of children and youth in Georgia so that they can better overcome the complex problems facing modern society. To improve overall learning outcomes, the program will help transform Georgia's education system in both early childhood education, general and university education, and subsequent stages, ensuring equal opportunities for the poorest and most vulnerable.

The program will also expand access to improved health care services by promoting telemedicine consultations and strengthening pharmaceutical governance to reduce drug prices, which account for a significant share of costs paid by the population of Georgia.

In order to increase the effectiveness of the social protection system, the human capital program will help to quickly identify poor families with children and respond to their needs by expanding access to employment services throughout the country, including in rural areas.

In order to demonstrate Georgia's commitment to the global climate change agenda, the program also provides for conducting modules on climate change and energy efficiency in the educational process, training teachers on climate change resilient and energy efficient schools, and also conducting training aimed at developing the skills needed for green" workplaces.

According to the Human Capital Review of Georgia prepared by the World Bank, it is critical for Georgia to develop human capital in order to respond to the challenges of productivity, aging and inclusion in order to ensure sustainable and inclusive growth of the country.