McCloskey starts at outside centre, Herring is selected as hooker, while Frank Taggart and Peter Nelson are named as replacements.
In total, there are nine changes to the side that beat Uruguay 33-7 on Wednesday.
Connacht's Eoghan Masterson switches to the blindside flank in place of the injured Rhys Ruddock and is joined in the back row by Dan Leavy at openside and Jack Conan at number 8.
Billy Holland takes over the captaincy and is partnered in the second row by Ben Marshall, the fifth and final try scorer against Uruguay. Hooker Rob Herring returns to make it an all-senior international front row alongside James Cronin and Stephen Archer.
Luke McGrath and JJ Hanrahan are the starting half-backs for the second time in the tournament, with Noel Reid and Stuart McCloskey selected together in the centre. Matt Healy has recovered from a stomach bug and will play alongside Andrew Conway and Tiernan O'Halloran in the back-three.
The replacements include Dave Heffernan, Denis Buckley, Finlay Bealham, Andrew Browne, Taggart, John Cooney, Eoin Griffin and Nelson.
After two bonus point victories, Emerging Ireland have claimed the Tbilisi Cup title but Sunday's game gives the squad another chance to impress against a side that are preparing for the upcoming Rugby World Cup. Georgia are in Pool C of the World Cup alongside reigning champions New Zealand, Argentina, Tonga and Namibia.
EMERGING IRELAND Team & Replacements (v Georgia, Tbilisi Cup Round 3, Avchala Stadium, Tbilisi, Georgia, Sunday, June 21, kick-off 7pm local time/4pm Irish time):
15. Tiernan O'Halloran (Buccaneers/Connacht)
14. Andrew Conway (Garryowen/Munster)
13. Stuart McCloskey (Ballynahinch/Ulster)
12. Noel Reid (Clontarf/Leinster)
11. Matt Healy (Lansdowne/Connacht)
10. JJ Hanrahan (UL Bohemians/Munster)
9. Luke McGrath (UCD/Leinster)
1. James Cronin (Dolphin/Munster)
2. Rob Herring (Ballynahinch/Ulster)
3. Stephen Archer (Cork Constitution/Munster)
4. Ben Marshall (Old Belvedere/Connacht)
5. Billy Holland (Cork Constitution/Munster) (capt)
6. Eoghan Masterson (Corinthians/Connacht)
7. Dan Leavy (UCD/Leinster)
8. Jack Conan (Old Belvedere/Leinster)
Replacements:
16. Dave Heffernan (Buccaneers/Connacht)
17. Denis Buckley (Corinthians/Connacht)
18. Finlay Bealham (Corinthians/Connacht)
19. Andrew Browne (Galwegians /Connacht)
20. Frankie Taggart (Belfast Harlequins/Ulster)
21. John Cooney (Terenure College/Connacht)
22. Eoin Griffin (London Irish)
23. Peter Nelson (Malone/Ulster)
Emerging Ireland Management Team -
Allen Clarke - Coach
Girvan Dempsey - Assistant Coach
Joey Miles - Manager
Jim McShane - Team Doctor
Karl Denvir - Physio
Sean Mannion - Team Analyst
Aidan O'Connell - S&C Coach
Johnny O'Hagan - Baggage Man
Carmel O'Dwyer - Squad Co-ordinator