World Bank Allocates EUR 45 Million to Support Georgia

The World Bank’s Board of Executive Directors approved today a EUR 45 million ‘Economic Management and Competitiveness Development Policy Operation’ for Georgia.

The project envisages supporting Georgia’s current reforms in areas critical for inclusive economic growth; and also to help the country’s efforts to assuage the adverse economic impact of the coronavirus pandemic.

The overall goal is to support reforms that can lead to job creation, and greater economic inclusion and flexibility. "The focus is on: improving the efficiency of public resource use; enhancing competitiveness; promoting more competitive markets; diversifying the financial sector; improving teacher deployment and remuneration; and strengthening investment promotion”, reads the World Bank’s official press release.

"This operation reinforces Georgia’s commitment to maintaining a stable macro-fiscal framework and pursuing structural reforms. Improved economic management and enhanced competitiveness will help reinforce the country’s economy, raise people’s living standards, and support a faster recovery in economic activity once the coronavirus pandemic is over,” said the World Bank Regional Director for the South Caucasus, Sebastian Molineus.

By Elene Dzebisashvili