Visiting World Bank Vice President Reiterates World Bank Support to Georgia

Cyril Muller, World Bank Vice President for Europe and Central Asia, commended Georgia for its steady economic growth and development priorities, as he concluded his official county visit. Muller met with senior officials including President Giorgi Margvelashvili, Prime Minister Giorgi Kvirikashvili, Minister of Finance Dimitry Kumsishvili and the Governor of the National Bank Koba Gvenetadze, and reiterated the World Bank support for Georgia’s reforms aimed at boosting economic growth and micro-economic stability.

“Strong implementation of Georgia’s four-point plan focused on education, governance, business environment and infrastructure has the potential to accelerate economic growth, create jobs, and bring opportunities to all Georgians. Our partnership with Georgia is very strong, and we stand ready to support programs in these areas,” said Muller.

During his meetings, Muller outlined the need to focus on addressing critical constraints to growth while creating opportunities aimed at improving the lives of all people in Georgia, especially the poorest and most vulnerable.

The Regional Vice President met with the Governor of the National Bank of Georgia, Mr. Koba Gvenetadze, and discussed financial and banking sector developments, exchange rate policies, and perspectives for continued cooperation between the World Bank and the National Bank of Georgia.

In the course of the visit, the Vice President held meetings with representatives of the development community, civil society and private sector in Georgia. He reaffirmed the Word Bank’s partnership with the country and acknowledged the progress that has been made to date.

“I am glad to see Georgia among the top 10 global reformers in improving the business environment. The country was ranked 16 out of 190 economies in the most recent “Cost of Doing Business” survey,” he said.

Muller also visited the Georgian Innovation and Technology Agency and met with the World Bank supported Georgia National Innovation Ecosystem (GENIE) project and its beneficiaries. The project objective is to increase the innovative activities of firms and individuals across Georgia and their participation in the digital economy. The project will help to create jobs and new small and medium enterprises (SMEs).

Since Georgia joined the World Bank in 1992, USD 2.7 billion has been committed for 73 projects (International Development Association and International Bank for Reconstruction and Development). Currently, the World Bank portfolio includes 12 active projects with total commitments of US$744 million. Areas of support include transport, energy, innovation, regional development, and agriculture.