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Georgia receives next loan from WB

Business Materials 15 September 2011 19:41
Georgia receives next loan from WB

Georgia, Tbilisi, Sept. 15 /Trend, N.Kirtskhalia/

Georgian government and International Development Association (IDA) signed an agreement on financing the third phase of development policies (DPO III) on Thursday.

The agreement envisages IDA's allocation of preferential loan for Georgia to support the reforms. Loan amounts to $40 million, with a period of 25 years, five years of which are grace period presented at an interest rate of two percent.

The document was signed by Georgian Finance Minister Dmitry Gvindadze and World Bank Regional Director for South Caucasus Asad Allam. World Bank supports the reforms of the Georgian government in the macro-fiscal sphere, efficiency of the management of public funds, social programs and enhancing economy's competitiveness.

In 2009-2010, within the DPO program, Georgia received two tranches of $90 million and $51 million.

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