IBRD Funding

IBRD Funding

The agreement between Georgia and IBRD in 2016 went under several changes. According to the agreement the IBRD had to allocate $ 40 million to Georgia to increase the use of large-scale Internet services and information technologies, to develop a network of innovation hubs and innovation centers in cities and villages. The money was transferred to Georgia’s Innovation and Technology Agency. Only $ 5.2 million has been spent so far.

Due to the fact that Georgia was not able to use funds allocated by the IBRD, the Ministry of Finance asked the World Bank to change the National Innovation Ecosystem Project. As a result funding is reduced from $ 40 million to $ 23 million.

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