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Georgian parliament decided to take another loan from the World Bank

2011-10-11 15:52

At the meeting today, Georgian parliamentarians ratified an agreement "On the funding of third event (DPO-3) of development policy" on the allocation of concessional loan to support fiscal reforms in Georgia in amount of $ 40 million. As the "Georgia-News", 87 deputies of Sakartvelo Parliament voted for ratification of the agreement.

The agreement was signed on September 5, 2011 by Minister of Finance of Georgia Dmitry Gvindadze and World Bank Country Director for South Caucasus Asad Alam.

This is the third and the last loan within the program assisting the development of democratic reforms in Georgia and supporting the budget.

Georgia had earlier got assistance amounting to $ 175 million after the crisis in August 2008.

DPO-3 is a loan by International Development Association (IDA). It is provided for 25 years, including 5-year grace period.

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