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Monday, September 25, 2017

World Bank develops strategy to push growth in Georgia

The World Bank Group's board of directors discussed a new country partnership strategy (CPS) for Georgia last week to help the country address extreme poverty and encourage development and growth.

The four-year long initiative is part of the Socioeconomic Development Strategy 2020, which was recently developed by the Georgian government. The program has two main areas of focus, which include strengthening public service delivery to promote inclusive growth and improving competitiveness in order to enable private sector-led job creation.

The program will receive $1.2 billion in funding, investments and insurance from World Bank sources such as the International Bank for Reconstruction and Development (IBRD), the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).

Georgia joined the World Bank in 1992 and became an IFC member in 1995. Since then, it has received investments of over $1.95 billion from the World Bank and $695 million from IFC.