Georgia increases investments in the energy sector with the support of the World Bank



Minister of Finance of Georgia Ivane Matchavariani and World Bank's Regional Director for the South Caucasus Mercy Tembon have signed a loan agreement with the amount of EUR 62 million for the implementation of project of energy supply reliability and financial recovery, with the funding of International Bank for Reconstruction and Development (IBRD). The Board of Executive Directors of the World Bank has approved this loan for Georgia on May 24, 2019.

The project aims to increase the energy supply reliability in Western Georgia, to ensure the financial recovery of the Georgian State Electrosystem (GSE) and its assistance in obtaining long-term commercial financing. This will be achieved through three components of the project: strengthening power transmission network, support of Financial Recovery of Georgian State Electrosystem and preparatory works for access to capital markets and GSE’s assistance in obtaining long-term commercial financing.

"The project will increase electricity supply and ensure the prevention of electricity shutoffs in the regions of Georgia, it will also promote the State Electrosystem in using of more local and international financial resources", - has mentioned the World Bank's Regional Director for the South Caucasus Mercy Tembon.

“The results of project of "Energy Supply Reliability and Financial Recovery" will ultimately be reflected on the welfare of each citizen, productivity of entrepreneurs and farmers ", - has stated Minister of Finance, Ivane Matchavariani.

The project is in full compliance with strategy (2019-2022) of World Bank's partnership for Georgia and will facilitate the Government of Georgia in accomplishing the objectives defined by the Nationally Determined Contributions (NDC).

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