World Bank allocates $60 million to Georgia
Georgia, Tbilisi, July 20 /Trend N.Kirtzkhalia/
The World Bank has approved a loan to Georgia in the amount of $60 million in the frame of the development policy for activities that promote economic growth and competitiveness (CG DPO) It will be the first group of loans that will be used for competitive and inclusive growth, the representation of the WB told Trend in Tbilisi on Friday. A number of activities promoting development policy is an important component of cooperation between the World Bank and Georgia in 2010-2013.
The World Bank noted that purpose of the activities promoting the competitiveness and economic growth in the frame of development policy is to assist in the implementation of planned reforms in three main areas: improving competitiveness through access to export markets and foreign investment; trade facilitation, through improving the investment environment in the energy sector and the creation of modern education system; promotion of the efficiency of social spending by strengthening the social protection system, which is achievable through the improvement in quality of care and effectiveness of targeted social assistance programs.
"A series of suggested activities promoting development policy is based on the plan of modernization and government employment of 10 points. Activities are developed in close cooperation with the Georgian government, which guarantees their sustainability and implementation," World Bank Country Director for South Caucasus Henry Kerala said.
The loan allocated to CG DPO program by International Development Agency is designed for 25 years, five of which are subsidized.
To date, the World Bank's loan portfolio amounted to $1.62 billion.