Enterprise Georgia, under the Ministry of Economy and Sustainable Development of Georgia, and the National Bank of Georgia seek to carry out the Relief and Recovery for MSMEs Project, with the financing of the World Bank. The Project will be implemented in compliance with the national legislation and the requirements of the World Bank, including adherence to relevant Environmental and Social Standards (ESS) set forth in the Environmental and Social Framework (ESF) of the World Bank.
Environmental and social impacts under the Project are mostly anticipated under Component 1 (EG), which will provide financing for MSME activities. The other project components, including 2.1 on payments infrastructure (NBG), 2.2 on e-Know-Your-Customer and e-KYC registry, 2.3 on secured transaction reform (MOESD), and component 3 on project management will finance primarily technical assistance and other investments that will not have a physical footprint on the environment or local communities and will not be associated with tangible environmental and social impacts. Component 4 will be activated to provide contingency funding under emergency circumstances.
The Environmental and Social Commitment Plan (ESCP) describes material measures, actions and timeframe for the achievement of Project environmental and social commitments.
The ESCP may be revised from time to time during Project implementation, to reflect adaptive management of Project changes and unforeseen circumstances or in response to an assessment of Project performance conducted under the ESCP itself.