WB approves new cooperation strategy with Georgia
By Jamila Babayeva
The Board of Executive Directors of the World Bank (WB) approved a new country partnership strategy for Georgia for 2014-2017.
WB's Executive Director Frank Heemskerk had a telephone conversation with Georgian Finance Minister Nodar Khaduri on May 14.
Heemskerk congratulated Khaduri on the bank's decision to approve a new strategy of cooperation with Georgia, the ministry reported.
"It is important that this strategy fully complies with the government's socio-economic development strategy 'Georgia 2020'," the ministry noted. "The new strategy provides assistance in the development of competitions, human resources, and availability of finance."
Since Georgia joined the World Bank in 1992, a total of 57 projects comprising over $1.95 billion of IDA credits and grants and IBRD loans have been provided to the country. The current portfolio consists of seven active investment projects for a total of $600 million covering one DPO and a selective investment portfolio.
Georgia became an IFC member in 1995. Since then, IFC has invested more than $695 million in 57 projects across various sectors and supported regional projects developed in the country. IFC has also implemented a number of advisory projects focused on the development of the private sector.
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