The World Bank will provide $80 million to Georgia under the Fast Track COVID-19 Facility to mitigate the health and social impacts of the COVID-19 pandemic, announces the World Bank.
The World Bank is also collaborating with the Asian Infrastructure Investment Bank to provide an additional $100 million under a joint co-finance arrangement.
“Through our rapid support we are helping save lives and protect the livelihoods of those impacted by the pandemic during this challenging time. We estimate that the total World Bank Group financing package for Georgia COVID-19 response will be approximately $200 million in new financing, in addition to the approximately $300 million funds in our pipeline for 2020-2021 for projects in support of broader development needs, such as digital connectivity and infrastructure”, said Sebastian Molineus, World Bank Regional Director for the South Caucasus.
This project is a part of World Bank’s broader support for the people of Georgia, and it is the first in a series of three lending operations to be rolled-out over the coming three months.
The second upcoming operation will help the government cover the unanticipated financing gap and ensure Georgia’s progress in implementing reforms in areas critical for inclusive economic growth. The third intends to support the jobs agenda as well as micro, small and medium-sized enterprises that have been affected by the pandemic.
In addition the World Bank also intends to support digital connectivity and infrastructure through the upcoming “Log-In Georgia” project, which will support the government’s plan to connect more than 700 villages to the internet via fiber optic cable networks, which will boost remote learning and overall connectivity essential for livelihoods hampered by pandemic-required social distancing, announced the World Bank.
See all the news
Turkey to open doors to 31 countries for health tourism
Coronavirus: Boris Johnson moved to intensive care
First-Stage Land Usage Permit for APM Terminals Poti
How will Nenskra HPP Reduce the Electricity Import?
Carrefour: The product will be on the shelves with the prices same as before
Differences between tobacco and nicotine products
OECD cuts 2020 global growth forecast over virus
Georgia to export new armored vehicle Didgori Meomari
"Hotels are in shock, reservations are canceled" - Shalva Alaverdashvili
Georgian brand Entrée enters the UK market and opens its first facility in London
Frontera claims that Georgian government has started harassing the company since 2013
Company HotelFriend offers convenient eComerce platform to Georgian Touroperators
Will the head of "Anaklia Deepwater Port Development Agency" be replaced?
TOP-10 Exporter Companies from Georgia to Russia
TBC Bank Group announces certain changes to the composition of the Management Board
Silknet signed Memorandum of Understanding with Global Communications Company One Web
Prosecutor’s Office allows Avtandil Tsereteli to leave the country
Mamuka Khazaradze: We want to avoid arbitration, but the Consortium is ready for that
Reuters: Dutch city tells floating Georgian monastery to cast off
TBC Bank Group Shares up by 6.3% WoW on the LSE