New World Bank strategy for Georgia
15 May, 2014
New World Bank strategy for Georgia
In order for Georgia to implement its ambitious development agenda and achieve sustainable results, the World Bank will be disbursing a total of USD 1.2 billion through the new four-year strategy program, the local office of the World Bank informed Georgian Journal on 8 May. A new Country Partnership Strategy (CPS) for Georgia for 2014-17 was discussed on 8 May by the World Bank Group’s Board of Executive Directors. The four-year strategy will guide
the support of the WB to the country in helping end extreme poverty and boost shared prosperity in a sustainable manner.
The strategy identifies two areas of focus which will support the achievement of these objectives: one is strengthening public service delivery to promote inclusive growth, the second is enabling private sector-led job creation through improved competitiveness. The CPS is aligned with the Socio-Economic Development Strategy-2020, recently elaborated by the Government of Georgia with the overarching objective to achieve faster, inclusive and sustainable growth, while seeking a greater focus on social outcomes and poverty reduction.
The new strategy foresees the total financial support of around USD 1.2 billion, comprising of sovereign loans from the International Bank for Reconstruction and Development (IBRD), private sector investments from the International Finance Corporation (IFC), and investment insurance from the Multilateral Investment Guarantee Agency (MIGA).
“The support of the World Bank Group is geared towards empowering Georgia to take advantage of the opportunities available for growth, employment and inclusion,” said Henry Kerali, World Bank Regional Director for the South Caucasus. “Located along a strategic corridor connecting Europe and Asia, Georgia has significant development potential in renewable energy, tourism, and higher value-added agricultural production. The new strategy supports the Government’s program to strengthen the efficiency and sustainability of public service delivery, particularly in education, health, and other social services, in order to have a real impact on reducing poverty and advancing prosperity in Georgia.”
IFC, a member of the World Bank Group, will continue to prioritize investment and advisory services that contribute to increased access to finance for smaller businesses, promote a competitive business and investment climate, and support the development of agribusiness and renewable energy.
“We believe that the best way to encourage inclusive growth is through creation of jobs, which in Georgia are expected to come largely from the private sector,” Thomas Lubeck, IFC Regional Manager for the South Caucasus, stated. “Accordingly, IFC will provide support to private sector companies where Georgia has a competitive advantage.”
MIGA will continue to support its three active projects in the financial sector and is actively pursuing other opportunities for expanding its business, particularly in hydro power.
Since Georgia joined the World Bank in 1992, a total of 57 projects comprising over USD 1.95 billion of IDA credits and grants and IBRD loans have been provided to the country. The current portfolio consists of seven active investment projects for a total of USD 600 million covering one DPO [deposit production office] and a selective investment portfolio.
Georgia became an IFC member in 1995. Since then, IFC has invested more than USD 695 million in 57 projects across various sectors and supported regional projects developed in the country. IFC has also implemented a number of advisory projects focused on the development of the private sector.
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