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World Bank Backs Development of Knowledge-Based Innovative Economy in Georgia

World Bank Backs Development of Knowledge-Based Innovative Economy in Georgia

The government of Georgia and the International Bank for Reconstruction and Development (IBRD) signed an agreement on National Innovative Ecosystem Project that will be financed by the World Bank (WB) in the amount of 40 million USD.

The agreement was signed by Georgian Finance Minister Nodar Khaduri and WB regional director in the South Caucasus Mercy Tembon.

The project calls for expanding internet services and information technology coverage in the country, developing innovative hubs and networks of innovative centers in target cities and villages, increasing innovative activities of companies and private bodies and their involvement in digital economy and developing their innovative potential, supply of technical assistance and conducting trainings.

The project will be implemented by the Georgia’s Innovation and Technology Agency (GITA).

“The Georgia’s Innovation and Technology Agency (GITA) will implement very important and useful project – development of national innovative ecosystem in regions and involvement of companies and physical bodies in the digital economy. This project will foster, on the one hand, establishing modern innovative tendencies in Georgia and, on the other hand, creating innovative approaches for growing efficiency of our business operation.

I would like to express gratitude to the International Bank for Reconstruction and Development (IBRD) for financial support. Implementation of innovative ecosystem project will foster the business development, establish new technologies, bring innovative ideas and create new job places”, Finance Minister Nodar Khaduri said.

“GENIE is a new phase of WB support to our government. The project is to foster inclusive growth through development of knowledge-based innovative economy. Investments will be carried out in various sectors to increase innovative potential, expand access to human capital and financial sources.

This project will make investment in the future of Georgia through reforms and investment projects that were carried out by the government over the past years in terms of development of infrastructure, improving the entrepreneurial environment and rule of law”, WB regional director in the South Caucasus Mercy Tembon noted.