Page 20 - GEORptNov19

World Bank awards Georgia $152mn for energy infrastructure and education
“I heard today a statement from a member of the consortium's supervisory board that there are 5-6 investors in the consortium for review. Obviously, we welcome the presence of investors, which is why we will not terminate this agreement and give the consortium the opportunity to reach an agreement with its investors to raise their own capital in this project, ”the minister noted.
Ivane Machavariani, Georgia’s finance minister, and regional director of the World Bank (WB) in the South Caucasus, Mercy Tembon, on June 18 signed two loan agreements worth more than $150mn.
Under the first agreement, the WB’s International Bank for Reconstruction and Development (IBRD) will extend a $62mn loan for the Energy Supply Reliability and Financial Recovery Project. The WB’s board of executive directors approved this loan for Georgia on May 24, 2019.
The project aims to help increase electricity supply reliability in the western part of Georgia, ensure the financial viability of the Georgia State Electrosystem (GSE), and help GSE access long-term commercial financing. This will be achieved through three components of the project: strengthening the power transmission network, supporting the financial recovery of the GSE and undertaking preparatory work on accessing capital markets, and supporting the GSE in raising long-term commercial financing.
“The project will increase electricity supply and prevent outages across Georgia’s regions, furthermore, it will assist the GSE in tapping into even greater domestic and international financing resources,” said Tembon.
Under the second agreement, the WB will extend a $90mn loan for the Innovation, Inclusion and Quality Project, which will support the development of human capital through greater access to preschool education, higher quality education, and improved learning environments.
The project has five overall goals: (1) Expanding access to and improving the quality of early childhood education and care; (2) Fostering quality teaching and learning in general education; (3) Strengthening financing options and promoting internationalisation in higher education; (4) System strengthening and stakeholder communication; and (5) Supporting project management, monitoring, and evaluation.
“These reforms will constitute a significant change in Georgia’s approach to education, and will help prepare the country for the labor market and economy of the 21st century,” said Soren Nellemann, World Bank senior economist and the task team leader for the project. “The focus on inclusion, quality and innovation in pedagogy and learning from pre-school to higher education will benefit all citizens.”
ADC announced.
20​ GEORGIA Country Report​ November 2019 ​ ​www.intellinews.com