American Millennium Challenge Corporation to allocate about $150 million to Georgia
Georgia, Tbilisi, March 18 /Trend, N. Kirtskhalia /
Georgia will receive $100-150 million in U.S. state assistance through the Millennium Challenge Corporation, Chief Executive Officer Daniel Yohannes said at a hearing in the U.S. Congress, Rustavi-2 reported.
The Millennium Challenge Corporation and USAID reviewed the corporation's budget for 2012. The corporation decided to fund projects in Georgia and Ghana.
The funds will be spent on building a U.S. hospital and university in Georgia, as well as restoring the Goderdzi Pass. The successful development of earlier tranches and strategic importance were taken into account while selecting candidate countries for funding.
"The corporation's budget is $1.125 billion," Yohannes said. "The amount gives the opportunity to approve a new stage of financing for Georgia and Ghana. Georgia is globally known for its investment climate. Although 30 percent of the population still lives on less than $2 per day, according to the World Bank, the index on the ease of doing business in Georgia increased over the last five years compared to other countries."
He also stressed progress in privatization and reducing corruption.
"The Georgian government's economic policy has positively influenced business," Yohannes said.