On June 30, the World Bank’s Board of Executive Directors approved EUR 45 million in additional financing for Georgia, aimed to support its government “in covering an unanticipated financing gap” caused by the COVID-19 pandemic.
According to the World Bank, the additional support is linked to the EUR 45 million Economic Management and Competitiveness Development Policy Operation (DPO) that was approved by the Board of Executive Directors in March.
This DPO, which is the second in the series of three lending operations, “is a 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 USD 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; while the third tranche will focus on micro, small and medium enterprises and jobs affected by the pandemic.
The overall objective of the World Bank assistance “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.”
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