World Bank Approves $47ml Loan for Georgia
The World Bank approved three credits for Georgia: a US$24 million Reform Support Credit, a US$3.6 million Energy Supplemental Credit, and a US$20 million credit for Secondary and Local Roads Project, for a total of US$47.6 in new lending.
As the news release issued by the World Bank on June 24 reads, the key objectives of these new projects include contributing to sustainable economic growth by supporting the fight against corruption and efforts for better governance; assisting in improving efficiency of the public sector to make it friendly to the principles of market economy, and linking it to Georgia?s Economic Development and Poverty Reduction Program process.
The projects will also help to reduce poverty particularly in rural areas by providing vital services such as road-access, telecommunications and community-based tourism, to gradually resolve outstanding energy issues, and facilitate trade by modernizing trade-related agencies and procedures.
Georgia joined the World Bank in 1993. Since then, commitments to the country total approximately about US$725 million for 34 operations.
