World Bank Regional Director: World Bank remains committed to supporting Georgia’s development

World Bank Regional Director Rolande Pryce on Thursday said the institution remains committed to supporting Georgia's development, commenting on the signing of a $35 million financing agreement between the International Bank for Reconstruction and Development (IBRD) and Georgia.

In her remarks, Pryce said the World Bank was honoured to continue standing alongside Georgia in this development process.

“This is a relatively modest financing package of $35 million, but its impact is significant because it will strengthen the resilience of Georgia's financial sector. Through this project, we will continue supporting the National Bank of Georgia in building a robust bank resolution system. The World Bank is honoured to continue standing alongside Georgia in this development process, which also reflects the significant international standards achieved by Georgia and the National Bank of Georgia”, Pryce said.

The agreement establishes a pre-arranged credit line for Georgia's Resolution Fund as part of a project designed to strengthen the country's preparedness for bank resolution.

Measures supported by the World Bank aim to further enhance the National Bank of Georgia's resolution framework, improve its effectiveness and bring it closer into line with international best practices.