21 May 2022,   19:57
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Financing in the amount of USD 400 million will be the largest cross-sectorial investment ever extended to Georgia - World Bank

“Georgia’s potential for economic prosperity has received a significant boost with today’s approval by the World Bank Board of Executive Directors of the Human Capital Program for Georgia. Financing in the amount of USD 400 million will be the largest cross-sectorial investment ever extended to Georgia by the World Bank over the 30 years of its partnership”, - the WB said.

It noted that the World Bank’s Program for Results (PforR) in Georgia would be the first financing instrument of its kind anywhere to comprehensively improve education, health, and social protection outcomes. It is also the first time Georgia is applying this instrument for World Bank financing for any sector.

“This is indeed an unprecedented Program for both Georgia and the World Bank, and it illustrates that investing in people, especially in youth, is the number one priority for the Bank, as well as for the Georgian Government. Only by unlocking the full potential of its human capital, by ensuring access to high-quality education for the next generation, and by delivering equal healthcare and social protection services for all citizens, can Georgia build a solid foundation for inclusive and sustained growth, which provides better jobs and opportunities for its people”, - said Sebastian Molineus, World Bank Regional Director for the South Caucasus.

According to the WB statement, the Georgia Human Capital Program aims to improve the quality of life for all citizens of Georgia with fair and equal access to high quality education, better targeted social benefits, and strong preventive healthcare with lowered cost of treatments and medicine.

“Acknowledging the critical significance of investments in education, health, social protection and jobs for the long-term development of the country, the human capital development is one of the highest priorities for the Government of Georgia. Investing in human capital and, in this way, deploying innovative solutions is especially crucial in the time of COVID-19, to protect human capital outcomes, close equity gaps and alleviate negative effects of the pandemic in more consistent manner. I would like to emphasize that we deeply appreciate this valuable support from the World Bank and look forward to our continued fruitful cooperation”, - said Lasha Khutsishvili, Minister of Finance of Georgia.

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