World Bank ready to support Georgia in European integration

Business Materials 19 January 2021 11:57 (UTC +04:00)
World Bank ready to support Georgia in European integration

BAKU, Azerbaijan, Jan. 19

By Tamilla Mammadova – Trend:

World Bank (WB) confirmed its readiness to support Georgia in its European integration within the scope of the prime goal of the Government of Georgia in terms of making an official application for EU membership in 2024, Trend reports via the Government administration.

"We have had an excellent meeting. I think we were both able to determine how successful our cooperation has been over the recent years between the Government of Georgia and the World Bank," said Sebastian Molineus, Regional Director of the World Bank for the South Caucasus after his meeting with Giorgi Gakharia, Prime Minister of Georgia.

Effective and successful cooperation between Georgian and the World Bank were among the key topics of discussion, along with an Action Plan for Vaccination, European integration of the country, and structural reform agenda.

The World Bank stands ready to continue delivering its support towards developing the infrastructure connecting Georgia with the EU, including the implementation of regional projects of strategic importance. At the same time, the World Bank intends to enable the government effort towards COVID vaccination.

Giorgi Gakharia stressed that support demonstrated by the World Bank was vital in the fight with the COVID-19 pandemic, as it has the most positive impact on the economy and social security of the country. It was also noted that recent programs of the World Bank have led to such important reforms as the pension system, deposit insurance, development of the capital market, public-private partnerships, and others.

Prime minister of Georgia and regional director of the World Bank for the South Caucasus pledged their readiness in deepening the cooperation within the scope of partnership framework designed for 2019-2022.

Discussions were also related to the upcoming phases of citizen and business support in relation to the second wave of the COVID-19 pandemic.

The focus was made on the wide-scale regional projects. Gakharia noted that it is vital for the country to use its strategic location and get successfully positioned in the post-COVID world after the pandemic dies out.

Partnership within the Development Policy Operations (DPO) has been praised at the meeting, as it contributes to the inclusive growth and competitiveness of the private sector.

The World Bank has been having one of the most diversified investment portfolios in Georgia and its funding has reached $2.7 billion so far.


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