World Bank Optimistic about Launch of 2018-2020 Program in Georgia

The World Bank has welcomed a four-point governmental reform plan that aims to improve Georgia’s investment environment. Mercy Tembon, the World Bank Regional Director for the South Caucasus, spoke of the launch of the next stage World Bank supporting program in Georgia at a meeting with the Prime Minister of Georgia, Giorgi Kvirikashvili, on April 1.

The main theme of the meeting was the current World Bank program, which amounted to USD 1.2 billion in support for Georgia’s economic development. Ms. Tembon stated that the program, covering the years 2014-2017, is currently being implemented satisfactorily and that she is pleased with the Georgian Government’s new four-point reform plan as presented by PM Kvirikashvili in February 2016.

The plan includes new tax benefits, infrastructure schemes, governance reforms and an overhaul of the education system. The PM himself, as well as the local business community, international financial institutions, foreign investors and politicians, positively assessed the reform agenda, highlighting that it would support economic development.

When the current program with the World Bank comes to an end, Ms. Tembon hopes to start another program covering the years 2018-2020. “Before we do this we will undertake a systematic country diagnostic that looks at the constraints on economic law and poverty reduction. We are also hoping to work together with the Government of Georgia and all the development partners to move the agenda forward. We are very optimistic about it,” she stated.

Eka Karsaulidze