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Further cooperation with World Bank

By Tea Mariamidze
Tuesday, December 6
Georgia’s Finance Minister, Dimitri Kumsishvili, met World Bank Vice-President for Europe and Central Asia, Cyril Muller, on Monday.

They discussed current relations and the future plans of World Bank and Georgia’s government.

Kumsishvili informed Muller about Georgia’s four-point plan, which includes new tax benefits, infrastructure plans, governance reforms and an overhaul of the education system in order to develop economy.

The sides also discussed main directions of Georgia’s budget 2017. Kumsishvili stated that from January next year a reform on income tax will come into force, which means businesses will no longer be taxed if they reinvest their income.

The Minister stated that during the next four years important investment would be made in infrastructural projects throughout all Georgia, which envisaged improving roads, bridges and airports to allow Georgia to boost its transit potential, create new jobs and improve the economic situation.

Kumsishvili stressed that in order to ensure Georgia’s fast economic development, new funds need to be allocated from the budget.

The Minister underlined that the support from World Bank has always been very important for Georgia to implement planned infrastructure projects and new reforms.

Cyril Muller said the World Bank was actively involved in Georgia's economic reforms and infrastructure projects. He underlined that the World Bank would continue cooperation with Georgia in the future.

Muller also visited the Technological Park of Georgia’s Innovation and Technology Agency in Tbilisi. He learnt about the main programs, projects, services and work processes of the Agency and the Technology Park.

Muller’s visit came as the World Bank's support to the Government of Georgia moved to a new phase.

In 2015, on the decision of the World Bank Executive Board, funds were allocated for Georgia’s national innovation ecosystem project (GENIE). The project supports the government's strategy to focus on the future by building a competitive and innovative economy.