Georgian parliament ratifies $60 mln World Bank loan deal
TBILISI. April 24 (Interfax) - The Georgian parliament has ratified an agreement for a World Bank $60 million loan to Georgia to fund a socioeconomic development project in Kakheti, Eastern Georgia, an Interfax correspondent reports from the parliament session.
The loan agreement was signed at the end of March.
The money will be lent by the International Bank for Reconstruction and Development (part of the World Bank) for 25 years with a 10-year grace period.
The project has two components: investment in infrastructure reconstruction and modernization and institutional development, which should benefit residents of Kakheti and tourists visiting the region.
The Georgian Municipal Development Fund will co-finance the project with budget and private sector funds.
The World Bank has worked with Georgia since 1993. Since then it has allocated loans totaling $1.62 billion for 52 projects.