IBRD offers $80m to support rural development in Georgia
Tuesday, March 29
A multi-million dollar loan from an international bank will help residents and businesses in Georgia’s rural areas improve their professional skills and promote innovation, while additional aid will support road asset management through better road maintenance.
On March 28 Georgia’s Ministry of Finance and the International Bank for Reconstruction and Development (IBRD) signed two agreements that envisage the financing of the Georgia - National Innovation Ecosystem Project and the Domestic Road Asset Management Project.
The IBRD will allocate $40 million USD financial assistance for each project.
On March 18, the World Bank’s board of executive directors approved a $40 million USD loan to the IBRD for the Georgia - National Innovation Ecosystem Project.
Within this project funds will be used to establish innovative centres in Georgia’s towns and villages wherein the population will have the opportunity to learn various professions, said Georgia’s Prime Minister Giorgi Kvirikashvili at last week’s Governmental meeting.
Furthermore, regional areas will also receive grants to finance innovative and high-technological businesses, said the PM.
Few details were released about the Domestic Road Asset Management Project, however it is understood that funds allocated to this cause will be used to support road asset management through better road maintenance.