H.E. Nodar Khaduri, Minister of Finance of Georgia and Mr. Joseph Melitauri, Acting Head of the Regional Office of the World Bank signed an Agreement for the implementation of Project 3 of Regional Development concluded by and between the Government of Georgia and International Bank for Reconstruction and Development (IBRD) on August 7, 2015.

World Bank will allocate a concessional loan to Georgia in the volume of 60 MLN USD within the scope of the referred project. It envisages the rehabilitation of urban, utilities and touristic infrastructure in Mtskheta-Mtianeti and Samtskhe-Javakheti regions of Georgia, along with the promotion of their cultural heritage and historic monuments. In addition, touristic sites will be reconstructed in various cities to boost the number of tourists. Project is to be implemented in Georgia by the Municipal Development Fund (MDF). Project Agreement was signed today by Mr. Juansher Burchuladze, Executive Director of MDF and Mr. Joseph Melitauri, Acting Head of the World Bank Office in Georgia.

It is important that two similar projects are being implemented at present with support of the World Bank in Imereti (30 MLN USD) and Kakheti (60 MLN USD) regions of Georgia.

Implementation of the referred projects will improve the living conditions in the regions. Construction and rehabilitation of infrastructure, along with the attraction of investments to the private sector, absorbed tourist potential in regions. All the aforesaid will ultimately boost the prospects of job creation and economic development.