U.S. allocates Georgian National Bank large purpose grant
Georgia, Tbilisi, May 29 / Trend , N.Kirtskhalia/
The U.S. Agency for International Development has allocated to the Georgian National Bank a purpose grant of $3,290,000. The agreement on allocation of funds signed by President of the National Bank Gyorgy Kadagidze and U.S. Ambassador to Georgia John Teft.
According to Kadagidze, the agreement aims to support the necessary tools for the development of government banking sector, specifically, promotion of the procurement and implementation of an integrated system for reporting and system of government investment.
The integrated reporting system enables the banking sector and the financial crisis to ensure the circulation of money, payment of salaries, pensions and the fulfillment of obligations imposed by various agreements.
"National Bank of Georgia has launched a systemic change objected at the introduction of modernized, advanced tools and methodologies. Implementation of projects financed by USAID, will improve the infrastructure of the National Bank will make more efficient the bank and protect it from external threats. At the same time, increase the transparency of the daily operations," Kadagidze added.
This amount is part of the billion of assistance to Georgia that the United States provided as an economic aid after the August war, Teft said.
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