World Bank looks to aid Georgia
By Steve Skinner15 September 2009
The World Bank has discussed a new Country Partnership Strategy (CPS) with Georgia that could see additional financing of US$ 900 million.
The CPS aims to support investment in transport infrastructure as well as provide funding for social and health care.
Asad Alam, World Bank regional director for the South Caucasus said, "The CPS envisages World Bank Group financing of approximately US$ 900 million over the next four years.
"The financing includes US$ 130 million through the International Development Association (IDA), US$ 266 million from the International Bank for Reconstruction and Development (BRD), and up to US$ 360 million from the International Finance Corporation (IFC)," he said. "There is also a further US$ 135 million already allocated for ongoing IDA/BRD projects."
Snezana Stoiljkovic, director for Central and Eastern Europe at the International Finance Corporation said, "Our main focus will be on infrastructure and renewable energy as well as on the banking sector and supporting small and medium size businesses."
New infrastructure investments will focus on road improvements to help reduce transport costs, improve internal connections and strengthen the country's roll as a transport corridor within the South Caucasus.
Mr Alam said, "These projects will build on the success of other road initiatives, which have seen travel times reduced by as much as -30% on some highways. Roads investments will also help create much needed temporary jobs and, over time, will boost competitiveness, growth and job creation prospects."