IBRD to grant Georgia $120 million for development

The IBRD will grant Georgia a loan worth $120 million for 25 years (14-year beneficial period). The deal has been ratified by the Georgian parliament today, Business Georgia reports.

The priorities of the document fit into the cooperation strategy of Georgia and the WB for 2014-2017 and the Georgian governmental strategy for socio-economic development (Georgia-2020).

Georgia-2020 stipulates an inflation rate of 4%, GDP of 13,000 laris per capita a year, external debt of 40% of GDP, unemployment below 12%m export totaling 50% of GDP, taxes totaling 25% of GDP.