World Bank Invested $4.3 Billion in Georgia over 30 years
During a meeting between Georgian Finance Minister Lasha Khutsishvili and Sebastian Molineus, the World Bank Regional Director for the South Caucasus, and Miguel Eduardo Sanchez Martin, the new World Bank Program Manager for the South Caucasus, current and future World Bank-supported projects in Georgia were reviewed.
According to the Press Service of the Ministry of Finance, Khutsishvili thanked the Regional Director of the World Bank for the important assistance provided by the World Bank and for the support the bank provides to the country in the process of implementing ongoing reforms. "It should be noted that this year the cooperation with the bank turns 30 years old. During the 30-year cooperation with the World Bank, about 4.3 billion US dollars have been invested in more than 100 projects of the bank in our country," said the Ministry of Finance.
Earlier, Caucasus Watch reported that the World Bank (WB) stated that the transformation of the Caucasus Transport Corridor into a global logistics route requires a serious development of cargo transshipment services and an increase in cargo traffic along it.
"The expansion of multimodal communication along the corridor requires the improvement of the infrastructure for handling such cargoes by ports in the Caspian and Black Seas and the reconfiguration of the existing infrastructure to meet the requirements for the operation of container block trains (block length, sidings, speed, etc.). In addition, despite major infrastructure investments in the East-West corridor in Azerbaijan and Georgia, neither the modernization of the rail nor road segments of the corridor, including rail signalling and power transmission in Azerbaijan, has yet to be completed. The completion of these investments is critical to the full functionality of the corridor," the bank said.
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