The Ministry of Finance of Georgia, Lasha Khutsishvili, and the Regional Director of the World Bank for the South Caucasus, Sebastian Molyneux, signed two loan agreements worth 115 million euros with the International Bank for Reconstruction and Development. The purpose of the loans is to support green and sustainable development policies in Georgia, as well as sustainable agriculture, irrigation, and land market development.
The first loan of 46.2 million euros will support the country's green and sustainable development policy, focusing on climate change commitments, mitigation of fiscal risks, and improving access to land, water, and finance. The program aims to promote sustainable forest management, industrial emissions management, and renewable energy production, as well as enhance financial supervision procedures and governance forms of state-owned enterprises.
The second loan of 69.3 million euros will support the Sustainable Agriculture, Irrigation, and Land Project in Georgia. The project aims to improve irrigation and drainage services, strengthen national irrigation and land management institutional capacity for climate-resilient planning, and invest in the irrigation sector, land, and agriculture in Kakheti, Shida and Kvemo Kartli, Mtskheta-Mtianeti, and Samegrelo-Zemo Svaneti.
The loans from the World Bank will contribute to the development of sustainable and green initiatives in Georgia, as well as support the growth of the country's agriculture sector.
