The World Bank?s Board of Executive Directors has approved USD 13 million in additional financing to Georgia for an Irrigation and Drainage Community Development Project.
This decision was made in response to the unusually heavy floods Georgia experienced during the spring of 2005. USD $5.2 million will be provided as a grant and USD $7.2 million as credit. The additional credit would be repayable in 40 years, including a grace period of 10 years.
The development objective of this project will be to improve and secure the sustainability of river flood protection works and irrigation headworks and canals, according to the World Bank.
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