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WB approves second in series of three lending operations in Georgia

Finance Materials 1 July 2020 13:26
WB approves second in series of three lending operations in Georgia

BAKU, Azerbaijan, July 1

By Tamilla Mammadova – Trend:

The World Bank’s (WB) Board of Executive Directors approved 45 million euros of additional financing for the Georgia Economic Management and Competitiveness Development Policy Operation (DPO), Trend reports referring to WB.

This supplemental development policy financing aims to support the government of Georgia in covering an unanticipated financing gap that has arisen due to the impacts of the COVID-19 pandemic.

The overall objective is to support reforms that can lead to job creation, greater economic inclusion and resilience, focusing on improving the efficiency of public resource use; promoting more competitive markets; diversifying the financial sector; improving teacher deployment and remuneration; and strengthening investment promotion.

"We stand by Georgia’s side as a strong partner during this challenging time and support the government in its swift and effective anti-crisis measures to save people’s lives and protect livelihoods, mitigate the economic impacts of COVID-19, and maintain Georgia’s strong record of economic reforms," said World Bank Regional Director for the South Caucasus Sebastian Molineus.

"The World Bank’s support is very important for our country since it will be directed specifically at solving the problems caused by COVID-19," said Minister of Finance of Georgia Ivane Matchavarianiia.

Meanwhile, this DPO, the second in the series of three lending operations, is part of the World Bank’s broader support for the people of Georgia to help address the COVID-19 pandemic. The first operation was the $80 million financial support package provided under the Fast Track COVID-19 Facility aimed at addressing and mitigating the health and social impacts of the pandemic; and the third tranche will focus on micro, small and medium enterprises and jobs affected by the pandemic.

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