Georgia to substitute World Bank funding for innovative startup financing

Georgia Materials 12 November 2021 18:48 (UTC +04:00)

BAKU, Azerbaijan, Nov. 12

By Maryana Akhmedova – Trend:

Georgia will allocate 15 million Georgian lari ($4.7 million) to the Ministry of Economy and Sustainable Development in 2022 for innovative startup financing as a substitute for the World Bank funding, Trend reports via Georgian media.

“The World Bank was ready to finance this project, but we decided to finance it with our resources and did not take additional loans for this purpose,” Deputy Finance Minister Giori Kakauridze said.

According to Georgia’s draft state budget for 2022, the Ministry of Economy and Sustainable Development will receive 741 million Georgian lari ($235.9 million) in total.

From this amount, up to 50 million Georgian lari ($15.9 million) will be spent on the gasification of the population.

Meanwhile, 273.3 million Georgian lari ($87 million) will be allocated to the Entrepreneurship Development program, which operates from September 2021. The program is partially funded by the World Bank and the amount of the bank for 2022 is 45 million Georgian lari ($14.3 million).

Other allocations from the state budget for 2022 include:

Development of mountain resorts – 120 million Georgian lari ($38.2 million);

Construction-rehabilitation of power transmission lines – 80.2 million Georgian lari ($25.5 million);

Log-in Georgia project – up to 34 million Georgian lari ($10.8 million);

Promotion of tourism development – 22.7 million Georgian lari ($7.2 million).


Follow the author on Twitter: @mariiiakhm