World Bank to Provide $40 Mil National Innovation Ecosystem Project

TBILISI - The World Bank's Board of Executive Directors approved loan of USD 40 million from the International Bank for Reconstruction and Development for Georgia’s National Innovation Ecosystem Project.

The Ministry of Economy and Sustainable Development’s Innovation and Technology Agency is in charge of a project aimed at creating enterprises based on a digital economy, as well as rapid innovation and technology in agricultural sphere.

The main goal of the Innovation Ecosystem Project is to support firms and individuals take part in innovative activities and their participation in the digital economy. The project aims to promote investments in community centers by increasing internet and financing access and gaining more innovative skills for household agricultural enterprises and small businesses.

“GENIE is the World Bank’s new phase of support for the Georgian Government, during which inclusive growth will be promoted by developing innovation and a knowledge-based economy. The investment will be carried out in various activities to increase access to innovation potential, human capital and funding,” World Bank Regional Director for the South Caucasus, Mercy Tembon, said.

The project is the main component of a partnership between the World Bank and Georgia and is in line with the ultimate goal of creating mutual cooperation and improved competitiveness in the private sector.

By Ana Akhalaia

Edited by Nicholas Waller

28 March 2016 13:45