Georgia to receive WB loan for economic development

The World Bank will grant Georgia a loan for Competitiveness and Growth Development Operation (CG DPO), Trend reports.

The loan is one of the main components for cooperation of the World Bank and Georgia in 2010-2013. Georgia will use the funds for improvement of access for foreign investment, support for trade, energy investment, stimulation of social expenditure, medical services and social support programs.

The initiative is based on 10 points. The World Bank's Regional Director in the South Caucasus, Henry Kerali, said that they were developed with active cooperation with the Georgian government.

The loan was granted for 25 years with a beneficial period of 5.

The loan portfolio of the World Bank to Georgia is $1.62 billion today.