The World Bank invested $400 million in Georgia’s development
The Minister of Finance and a representative of the World Bank met in Georgia and discussed a number of issues regarding further cooperation. First of all the new program of support for the South Caucasus region was announced, as well as the results of long-term cooperation. Thus, the World Bank has allocated 4.3 billion dollars to Georgia during 30 years of partnership. During this period through joint efforts over 100 projects have been implemented.
In March of this year, Georgia received 400 million dollars in investments from the World Bank, which became the biggest during all 30 years of cooperation. Moreover, for the first time, the funding was provided directly by the bank. This initiative is taking place within the framework of the project “Program for Result,” which is aimed at unlocking the potential of the Georgian economy. The funds will be allocated in various segments, for example, in the educational system, health care, and social protection.
According to the representative of the World Bank, this project has become unique not only for the country but also for the bank. First of all, it is aimed at supporting people, the young generation as the future of Georgia. Supporting the social sphere will help prepare a solid foundation for stable economic growth of the state.
The pandemic has demonstrated to the world how important it is to invest in people, and Georgia intends to do everything necessary to help its citizens unlock their potential, which will be used to strengthen the country’s economy. In this case, the cooperation and support of the World Bank are extremely important, with the capabilities of which it will be possible to see the results of the program in a few years.
Particular attention will be paid to the reform of the education system. It will be comprehensive and will affect all stages, from pre-school education to universities. Besides, part of the investments will be directed at solving ecological problems, which require active measures. Georgia, like other countries, is implementing a number of programs aimed at preventing climate change. For example, the government supports the development of green technologies, which will reduce carbon dioxide emissions.
In addition to this development program, the World Bank is also ready to support Georgia’s logistics industry. The organization has developed a strategy aimed at cooperation between Georgia and Azerbaijan in the Trans-Caucasus transport corridor. The representatives of the World Bank believe that the transformation of customs processes and optimization of transport infrastructure will increase the efficiency of the corridor. In addition, the cooperation of the states in this direction will allow the developing of business ties, which will have a positive impact on the economies of both Georgia and Azerbaijan. For its part, the World Bank provides the necessary support to improve the transport system between the countries.