World Bank to Provide $80 Million in Financial Support to Georgia

The World Bank will provide $80 million in financial support to Georgia to help the government’s efforts to mitigate and address the health and social impacts of the COVID-19 pandemic.

This support is being provided under the World Bank’s Fast Track Covid-19 Facility. The World Bank is also collaborating with the Asian Infrastructure Investment Bank to provide an additional $100 million under a joint co-finance arrangement.

The goal is to finance measures that help prevent, detect and respond to the threat posed by the COVID-19 pandemic and provide immediate social protection support to the most vulnerable. It is expected to benefit the population at large, but in particular, people who are infected and at-risk groups such as the elderly and people with chronic conditions, as well as medical and emergency personnel. Health-related emergency COVID-19 response measures include case detection and confirmation, increased testing, as well as health system strengthening for case management.

In addition, the project will provide income support to poor and vulnerable households by scaling-up of the Targeted Social Assistance program and providing temporary cash transfers to workers who lost jobs due to the pandemic.

“Through our rapid support, we are helping save lives and protect the livelihoods of those impacted by the pandemic during this challenging time," said Sebastian Molineus, World Bank Regional Director for the South Caucasus. “We estimate that the total World Bank Group financing package for Georgia’s COVID-19 response will be approximately $200 million in new financing, in addition to the approximately $300 million funds in our pipeline for 2020-2021 for projects in support of broader development needs, such as digital connectivity and infrastructure”.