WB to provide Georgia with another soft loan to improve competitiveness of economy
Tuesday, July 23The World Bank (WB) will allocate $ 60 million to Georgia to ensure the competitiveness and economic growth of the country. An agreement was signed by Georgian Finance Minister Nodar Khaduri and World Bank Regional Director for the South Caucasus Henry Kerali in Tbilisi. The allocation of this sum is the second part of a WB three-year action plan to strengthen Georgia's competitiveness and its economic growth.
WB funds will be used to create a micro-fiscal sphere focused on the stability and growth, the effective growth of the country's financial management, and improvement of the efficiency of social protection programs. The Georgian Finance Minister expressed his satisfaction with the successful cooperation with the World Bank during the signing ceremony. "Most part of this loan is preferential and we hope that the World Bank will continue rendering assistance for the Georgian economy to be closer to U.S. and European economic models," Khaduri added.
The World Bank's Regional Director for the South Caucasus said that the program will strengthen Georgia's competitiveness on foreign markets and will contribute to creation of new jobs. It is aimed at reducing poverty. "The Georgian government's active involvement in this program ensures its sustainability," he stressed. The first part of the WB program in Georgia was implemented after an agreement was signed on June 12, 2012. WB delivers a loan for 25 years with the first five preferential years.