Asian Development Bank increases financing for Georgia by $150m

Asian Development Bank (ADB) is stepping up its financial commitments and providing more money to finance reforms in Georgia over the next three years.

More specifically, the ADB is increasing investment limit from $200 million to $350 million.

The ADB’s support is very important for us and especially when implementing the Government’s four-point reform plan, said Georgia’s Finance Minister Dimitry Kumsishvili, who attends the 50th anniversary of ADB.

The Bank will contribute to spatial arrangement direction and finance certain sections of Georgia’s East-West highway. Meanwhile, the ADB will finance pension, capital market development and private and public partnership establishment reforms in Georgia,” he added.

As of today the ADB has already allocated $1.62 billion for supporting Georgia’s public sector.

ADB is one of Georgia’s strategic partner financial institutions. Georgia became a member of Asia’s Development bank in 2007 and since then the organisation helped finance important infrastructure projects in Georgia.

So far ADB assistance to Georgia totalled more than $2 billion, including approved loans and technical assistance grants.