Asian Development Bank looks towards stronger future with Georgia
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The Asian Development Bank (ADB) is enhancing its support for Georgia to foster inclusive and sustainable growth and to strengthen regional connectivity.
The Bank’s new country director for Georgia said the Bank had a strong relationship with the small Caucasian nation and it pledged to deepen this relationship further to support the country as it worked towards its Euro-Atlantic integration goals.
ADB and the Government of Georgia have forged a strong partnership for enhancing infrastructure and service delivery to the people of Georgia … I look forward to building on these achievements as the portfolio grows in collaboration with our key stakeholders in Georgia,” said the new ADB Country Director for Georgia Yesim Elhan-Kayalar after assuming office yesterday.
Newly-appointed Kayalar met Georgia’s Economy Minister Dimitri Kumsishvili yesterday.
The sides talked about the ongoing projects that were financed by the ADB in Georgia and agreed on continuing active communication and fruitful cooperation in the future.
Over the years ADB has provided support for Georgia in a range of directions, such as road rehabilitation and construction, energy, water supply and sanitation infrastructure and service delivery, public sector management, private sector development, financial sector deepening and financial inclusion, good governance, gender equality and knowledge solutions.
Supporting these areas of development was mentioned in the Bank’s current Country Partnership Strategy (CPS) with Georgia for 2014-2018.
Earlier this year ADB approved a $75 million USD program to assist the Government’s reforms on resource utilisation, and issued the first Georgian Lari-denominated bonds, raising 100 million GEL to support the development of the Georgian capital market and small businesses.
Georgia became a member of ADB in 2007. Since then the Bank’s portfolio has grown rapidly with $1.6 billion USD in loan approvals as of 31 December 2014. Financing for the current CPS was estimated at $1 billion USD.
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