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World Bank provides funds to support Georgia

Finance Materials 29 April 2020 15:28 (UTC +04:00)
World Bank provides funds to support Georgia

BAKU, Azerbaijan, April 29

By Tamilla Mammadova - Trend:

The World Bank will allocate $80 million to Georgia under the Fast Track COVID-19 Facility to mitigate the health and social impacts of the COVID-19 pandemic, Trend reports referring to the World Bank.

The World Bank is also collaborating with the Asian Infrastructure Investment Bank to provide an additional $100 million to Georgia under a joint co-finance arrangement.

"Through our rapid support, we are helping save lives and protect the livelihoods of those impacted by the pandemic during this challenging time. We estimate that the total World Bank Group financing package for Georgia's COVID-19 response will be approximately $200 million in new financing, in addition to the approximately $300-million funds in our pipeline for 2020-2021 for projects in support of broader development needs, such as digital connectivity and infrastructure”, said Sebastian Molineus, World Bank Regional Director for the South Caucasus.

This project is a part of World Bank’s broader support for the people of Georgia, and it is the first in a series of three lending operations to be rolled-out over the coming three months.

The second upcoming operation will help the government cover the unanticipated financing gap and ensure Georgia’s progress in implementing reforms in areas critical for inclusive economic growth.

The third intends to support employment as well as micro, small and medium-sized enterprises that have been affected by the pandemic.

In addition, the World Bank also intends to support digital connectivity and infrastructure through the upcoming “Log-In Georgia” project, which will support the government’s plan to connect more than 700 villages to the internet via fiber optic cable networks, which will boost remote learning and overall connectivity essential for livelihoods hampered by pandemic-required social distancing.

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