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PRESS RELEASE May 24, 2019

Project to Enhance Financial Inclusion and Accountability in Georgia, Supported by the European Union and the World Bank

The European Union pledges €4.5 million through the Georgia Financial Inclusion and Accountability project, which will be implemented by the World Bank

Tbilisi, May 24, 2019 - The European Union (EU) and the World Bank launched today the Georgia Financial Inclusion and Accountability (FIA) project, which is designed to support ambitious second-generation reforms implemented by the authorities of Georgia to support private sector development, boost the growth of small and medium enterprises (SMEs), and enhance productivity and financial inclusion.

“We expect the project to support the Government of Georgia in the design and implementation of reforms that foster financial sector soundness, improve financial inclusion for underserved clients, and build foundations for more competitive, transparent, and well-governed institutions,” said Mercy Tembon, World Bank Regional Director for the South Caucasus. “These are core prerequisites for Georgia’s continued sustainable growth, jobs creation and prosperity.”

"The launch of this project is a critical step initiated by the European Union in order to boost private sector development in Georgia,” said Vincent Rey, Head of Cooperation of the European Union Delegation to Georgia during his opening remarks. “We expect visible improvements in access to finance and investment climate."  

The project is implemented in close cooperation with the National Bank of Georgia, Ministry of Economy and Sustainable Development, Ministry of Finance, Insurance State Supervision Service of Georgia, State Service for Accounting, Reporting and Auditing Supervision and other private and public stakeholders. The Euro €4.5 million project will be implemented in four years, from 2019 to 2022.

The project is part of the World Bank Group’s support to Georgia under the Country Partnership Framework for 2019-2022 and the EU’s Single Support Framework 2017-2020 for Georgia.