WB enhances its support for Georgia by USD 235 million
12 May, 2011
WB enhances its support for Georgia by USD 235 million

World Bank will be disbursing additional USD 235 million to Georgia within the frame of the Country Partnership Strategy for Georgia for 2010-2013. The financing will be spent on needs of socially vulnerable people, as well as on regional and road infrastructure development.
The World Bank (WB) continues supporting Georgia through long-term preferential credits. The World Bank Group having presented its Progress Report on the Country Partnership Strategy (CPS) for Georgia for 2010-2013 on May 4, 2011, underlined “strong results

from the programs supported by the World Bank” that encouraged the WB to earmark additional USD 235 million to Georgia in the next two years “to sustain economic growth and support the needs of the vulnerable” Asad Alam, World Bank Regional Director for the South Caucasus, said. Much of this financing will go towards local and secondary roads and regional development.
Prepared against the backdrop of the twin crises of the August 2008 conflict and the global economic downturn, the CPS was built around two pillars as following: meeting post-conflict and vulnerability needs, and strengthening competitiveness for post-crisis recovery and growth.
Strong results of the WB-supported programs [in Georgia] from 2009 to date goes as following: of over 600 km of roads were rehabilitated,  about 20 thousand person-months of employment created and public access to markets and social services improved; seven new schools were constructed, serving 4150 students and employing more than 300 teachers; over 1800 health specialists were trained in family medicine; a 25-bed hospital was constructed in Ambrolauri, Racha region of Georgian highland; a primary health care center was opened in the administrative center of Gori serving about 69 thousand beneficiaries 10 thousand of which are Internally Displaced People (IDPs); the targeted social assistance (TSA) scheme was scaled up to cover 408 367 beneficiaries; expansion of e-filing system for all tax payments to 75% of all declarations from 10% in mid-2009 contributed to the improvements in the business environment.
The new USD 235 million worth lending program includes USD 160 million from International Development Association (IDA) and USD 75 million from International Bank for Reconstruction and Development (IBRD) - both long-term loans with about 10 years of grace period.
The IDA/IBRD support to Georgia through the CPS for 2010-2013 will now total USD 630 million out of which USD 385 million have already been committed and disbursed. The Bank’s current lending portfolio comprises 10 investment projects and its lending program is going to be underpinned by analytical and advisory services focusing on such key areas as sources of growth, expenditure efficiency, poverty and inequality analysis, and skills.
The Bank will continue with an annual Development Policy Operations (DPOs) series that would support further improvements in social safety nets, fiscal efficiency, and competitiveness.  Investments in secondary and local roads will be deepened to support domestic connectivity and access to markets and public services, especially in rural areas.  The regional development program scheduled to be piloted in the Kakheti region - will build upon the delivery of public services, transport links with Tbilisi and trade logistics, and the potential for targeted interventions to foster growth in selected sectors. 
In addition, International Finance Corporation (IFC), a member of the World Bank Group, will continue to invest in private sector initiatives.
“After large investments in the financial sector to respond to the global financial crisis, IFC is now focusing on sectors which will remove constraints to longer term growth,” Thomas Lubeck, IFC Regional Head for the Caucasus, said. ”We see a lot of potential to leverage areas where Georgia has a natural competitive advantage including renewable energy, agriculture, and infrastructure.”
In 2009 IFC invested USD 224 million in Georgia including USD 190 million in the financial sector. In the current CPS period, IFC invested an additional USD 41 million in the banking sector in risk management products, trade finance and credit lines for small and medium enterprises (SMEs) in order to support banking sector recovery and help the banks expand access to finance local companies.
IFC’s portfolio clients provided loans to around 5220 Micro Small and Medium Enterprises (MSME) and held an outstanding MSME portfolio of USD 416 million. It also provided a wide range of advisory services in the financial sector as well as in the real sector, agriculture and infrastructure. On advisory side IFC launched a food safety improvement project with targeted seminars for food producers to improve food safety practices in Georgia. To improve business operation in Georgia IFC is also advising Georgian government on simplifying tax policies and procedures for SMEs.

Print
Other Stories
Georgian citizens are granted the right to work in France
The French Embassy in Georgia made remarks on granting Georgian citizens the right to work in France
The New York Times: Bitcoin declines but Georgia still bet on it
The New York Times has recently published an article about reasons, challenges and causes of generating Bitcoin in the former Soviet country Georgia.
EU to allocate € 13 billion for Eastern Partnership countries, including Georgia
The European Union together with the World Bank plans to allocate investment worth € 13 billion for infrastructure projects in the Eastern Partnership countries.
Anaklia Port and its importance for Georgia
In 2016, Anaklia Development Consortium was authorized to launch the construction of Anaklia Port.
Cryptocurrency mining threatens electrical network in Abkhazia
In the breakaway region of Akbhazia rampant cryptocurrency mining is threatening the shaky electrical network, reports an article of the news portal EuroNet.
Caucasus Wine University to be opened in Gurjaani
In the Kakheti region a new viticulture campus of the Caucasus University is in the process of planning.
Photos describing life of the poorest in Georgia
Fight with poverty should be among top priorities of every government in every country.
Training farmers to rescue the organic hazelnut production in Georgia
Even drizzling rain and unpleasant gusts of wind can’t prevent the farmers from coming and participating in the agricultural training.
Bleak times for organic farmers in Georgia – but there is hope
Organic hazelnut production is a delicate plant in Georgia that has emerged just a couple of years ago. Various pests, among them the Asian stink bug Parosana, trouble hazelnut farmers and menace their livelihood – even before their businesses could really take off.
Hybrid car imports are going through the roof in Georgia
Thanks to their fuel economy, the popularity of hybrid cars is increasing in Georgia, where fuel affordability is low and prices for fuel are unstable.
The New Year offer from MAQRO Construction - Apartments with unbelievable discounts and the parking spaces for FREE!
Location, green yard, spaces for various needs, experience of the construction company and parking space are the main important criteria for potential buyers of apartments.
Interview with the co-founder of Kiwi Vegan Café – the first vegan place in Tbilisi
Behind the Kiwi Vegan Café stands a group of activists who wants to raise Georgian’s awareness for animal rights and welfare.
Biblusi opens first shop for tourists - Georgian
The largest book shop in Georgia Biblusi opens the first shop specially designated to the needs and interests of tourists and named it Georgian.
Georgia improves by five ranks in the Prosperity Index
In the overall Prosperity Index rankings, Georgia has climbed by 5 positions from 85 to 80 when compared to last year. As such, Georgia is the best performing country in the CIS zone.
The future is bright for electric cars in Georgia
The numerous hybrid cars in the streets of Tbilisi cannot be overlooked. Entrepreneur Sulkhan Gvalia calls them “pagers”, referring to the predecessor of mobile phones.
Georgia’s fight against the big tiny enemy – Asian Parosana
It’s a tiny creature, but the harm it did to the Georgian agriculture sector was and still is immense.
New cable route: from Kobi to Gudauri in 15 minutes
On the 15th of December, cable transport is scheduled to be opened connecting Kobi and Gudauri.
Tourist boom in Gudauri – majority of hotels are booked by foreigners
Gudauri is among the most popular winter resorts in Georgia.
Medical tourism increases in Georgia
In the last 9 months, Georgia was visited by 19 500 foreigners for medical and recovery purposes.
Doing business in Georgia has become easier than in America
According to the Doing Business 2019 report published by the World Bank, Georgia ranked 6th among 190 countries in terms of simplicity of doing business. This was an improvement over two ranks compared to last year.
Problems that foreigners frequently face in Georgia
The importance of Georgia as a tourism hub is growing year after year.
Tbilisi TV Broadcasting Tower – Better than the Eiffel Tower?
It is planned to renovate the Tbilisi TV Broadcasting Tower, one of the landmarks in the capital.
Georgian Fusion Menu by The Biltmore Hotel Tbilisi
5,895,914 international visitors have visited Georgia between January and August of 2018. Compared to the previous year the number has increased by 12.2 per cent.
Advertising of gambling and lucrative games may become banned in Georgia
Advertising of gambling and lucrative games may become banned in Georgia. Those who violate the new rule would be fined GEL 10 000.
Lebanese café-lounge Beirut opens in Tbilisi
What is necessary to organize an unforgettable event? – Fun, emotions, lots of surprises, good music and delicious menu.
PHOTO OF THE DAY
GEL Exchange Rate
Convertor
19.02.2019
20.02.2019
USD
1
USD
2.6404
2.6498
EUR
1
EUR
2.9908
2.9977
GBP
1
GBP
3.4130
3.4246
RUB
100
RUB
3.9898
4.0023
Other Stories
Recently Toyota rolled out Global Campaign under this slogan that reflects the Olympic and Paralympic Spirit of Encouragement,
A couple from Switzerland combines Swiss tradition and technology with Georgian products. Their cheese is made in the Georgian mountains and sold in local stores and hotels.
It has been more than five years since the residents of Lilo village, near Tbilisi, cannot open their windows.
63 000 GEL was received by the Georgian Agro Export Group which is just a small part of the European Neighbourhood Programme for Agricultural and Rural development.
Georgian entrepreneur Guka Tavberidze, who runs his own business in the UK and does it quite well, has been invited by BBC
The grand opening of 7-star The Biltmore Hotel Tbilisi took place in Georgia’s capital on July 31.
DUSHETI, Georgia – The Georgian government and the World Bank will allocate USD 5.6 million (12 million GEL) to fund
A new Georgian clothing brand named Person has emerged in Georgian market.
Georgia is in the midst of an economic maelstrom, Euronews reports.
Situation at Georgia’s mineral water market is interesting: over the last year, the volume of export has grown by 56 percent. According to “GeoStat”, over $114 million worth of mineral water was sold
GEL Exchange
USD
1
USD
2.6498
EUR
1
EUR
2.9977
GBP
1
GBP
3.4246
RUB
100
RUB
4.0023