IBRD will allocate Georgia EUR 73.1 Million to Combat Coronavirus

The International Bank for Reconstruction and Development (IBRD), a member of the World Bank Group, announced that it has endorsed granting Georgia a loan amounting to 73.1 million euros to combat coronavirus.

The project aims to prevent, identify, and respond to the threats posed by the COVID-19 pandemic in Georgia.

The project consists of three parts and includes support for Georgia's healthcare sector for rapid response to COVID-19, strengthening the epidemiological capacity of public health centers, increasing general testing and expanding access to critical medical devices and equipment, also financial support to affected families and individuals through a targeted social and temporary financial assistance program. 

The Bank said that the loan will be granted for a period of 26 years with a 13-year grace period.

The Georgian authorities intend to use 29 million euros of the loan amount for the needs of the healthcare, and 44 million Euro to social needs that have arisen on the background of the pandemic.

Georgia has received financing from a number of international financial institutions and intends this week to sign another loan agreement worth 100 million euros with Asian development Bank.