World Bank planning to increase volume of financing in Georgia

World Bank planning to increase volume of financing in Georgia

Minister of Regional Development and Infrastructure of Georgia, Mrs. Maya Tskitishvili reviewed ongoing and planned projects, as well as fundamental directions of a new frame-document 2018 – 2022 of cooperation with Georgia with the representatives of the World Bank.
The meeting was attended by the First Deputy Minister of Regional Development and Infrastructure of Georgia, Chairman of the Roads Department of Georgia – Mr. Irakli Karseladze, Deputy Ministers, Mrs. Mzia Giorgobiani and Grigol Katsia and the World Bank Regional Director for the South Caucasus, Europe and Central Asia, Mrs. Mercy Tembon and World Bank Program Leader for Sustainable Development, Europe and Central Asia, Mrs. Sarah Michael. 
The parties reviewed the progress of roads projects, and regional and municipal infrastructure development progress. Financial aid for these projects comes from the World Bank. 
Minister talked about the significance of implementing the Government’s 4 point plan successfully and highlighted spatial planning part of this plan. Maya Tskitishvili emphasized the necessity of constructing highways and, on this backdrop, development of the country’s transit potential. 
State and local roads development projects were also highlighted at the meeting. Implementation of these projects will improve safety on roads, reduce transport related costs and travel time, which is an important incentive to economic development as a whole. 
Mercy Tembon talked about increasing charter capital of the World Bank and said that it will enable the Bank to increase financing volume in the country. She also said that the new frame document of cooperation with the country covers increasing financing of educational, healthcare and social programs.
As of today the World Bank has allocated around USD 832 mln for funding road projects in Georgia out of which GEL 527 mln was directed to construction of East-West Highway and around GEL 305 mln to rehabilitation of state and local roads. 
Currently the Bank finances several regional development programs with the total sum of around USD 189 mln.