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World Bank allocated USD 70 mln credit to Georgia2009-03-25 17:00
The World Bank allocated USD 70 mln credit to Georgia for rehabilitation of highways.gt-en-newsitem-inside
The corresponding document was signed today in Tbilisi by Kakha Baindurashvili, the minister of Finance of Georgia and Tamar Sulukhia, the acting representative of the World Bank in Georgia.
After signing the minister said that 450 kilometers [about 280 miles] of highways will be repaired with the help of this credit.
The credit was allocated by the International Bank for Reconstruction and Development, one of the institutions of the World Bank. The credit must be paid back within 30 years, interest rate counts 1.8 per cent.
It is the first credit allocated to Georgia by the IBRD, previous ones came from the International Development Association, another institution of the WB.