World Bank Allocates $60 Million to Harness Tourism Potential in Georgia

Georgia’s two historic regions, Samtskhe-Gavakheti and Mtsketa Mtianeti, which offer a variety of tourism products, are being given a boost to enhance their cultural heritage, ecosystems, winter-ski resorts and summer-mountain adventure activities.

The World Bank (WB) has allocated $60 million USD to Georgia’s Samtskhe-Gavakheti and Mtsketa Mtianeti regions for the growth of their economical and tourism potential.

The third regional development project of the International Bank for Reconstruction and Development (IBRD) loan was approved by the World Bank Board of Executive Directors today.

The project includes two components: one is for urban regeneration, tourism circuit development and provision of public infrastructure to attract private investments. The second is for the institutional development of the regions.

World Bank Regional Director for the South Caucasus, Henry Kerali, emphasized that the project is expected to support better integration of the two regions with country-wide tourism circuits.

“The goal is to attract private investments, promote public-private partnerships, revitalize local business activity, and develop regional tourism circuits. Owing to these improvements, the population of the region is expected to see an improved quality of life,” Kerali said.

This was the third regional development project approved by the World Bank for Georgia. The first regional development project for Kakheti, the main wine region of the country, was approved a $60 million USD IBRD loan by the World Bank in March 2012, and the second project was for Imereti (a $30 million USD IBRD loan) in November 2012.　

The World Bank commitments to Georgia since 1992 total approximately $3.47 billion USD.

Tamar Svanidze