Georgia attracts $5m to improve municipal services and infrastructure
Monday, May 4
Georgia will enjoy a $5 million USD grant from the Swiss Agency for Development and Cooperation (SDC), with support of the World Bank, to improve the efficiency and reliability of targeted municipal services and infrastructure.
Today, Georgia’s Finance Minister Nodar Khaduri and the International Bank for Reconstruction and Development (IBRD) regional director Henry Kerali, signed a grant agreement which guarantees the financial assistance for Georgia, through the Second Regional and Municipal Infrastructure Development Project.
"The World Bank continues to assist Georgia. With its support, Georgia attracted additional financial resources which will be used for strengthening the local governments in order to provide a complete service to the region’s population,” Khaduri said.
Meanwhile Kerali said: "The financial resource that was allocated to Georgia will support Georgia improve the efficiency of budgeting, planning and asset management procedures. The project also supports business development in various directions, which encourages the region to attract more private investments.”
The total cost of the project is $58 million USD, which includes funding from the World Bank and non-bank sources. The current commitment amount is $30 million USD.
The project’s implementation term will span two years, from 2015 to 2017. (Agenda.ge)