Asian Development Bank offers support to Georgia in fight against COVID-19
The ADB press release reads that Georgia is experiencing a dual shock from the direct impact of the pandemic and indirect effects of lower oil prices. Photo: Nino Alavidze/Agenda.ge.
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The Asian Development Bank (ADB) is offering about $6.5 billion to address the immediate needs of developing states, including Georgia, as they respond to the COVID-19 pandemic.
ADB President Masatsugu Asakawa discussed how the bank can support Georgia in its fight against the COVID-19 pandemic in a phone conversation today with Georgian Finance Minister Ivane Matchavariani.
The ADB is fully committed to supporting Georgia at this unprecedented time and we are considering every option to ensure support is provided quickly and effectively. The ADB is ready to work with the government and key partners on countercyclical support that will enable it to meet the needs of the people most affected. Significant efforts are also underway to ensure that we can provide further support to the private sector", said Asakawa.
The ADB press release reads that Georgia is experiencing a dual shock from the direct impact of the pandemic and indirect effects of lower oil prices. The impact will be particularly severe on tourism and other services. Lower oil prices are negatively affecting remittances from neighbouring countries and trade flows are weakening as growth slows in these countries.
Asakawa recognised that Georgia has been a leading reformer and this has positioned the country well to deliver its response to the pandemic, including through tax concessions to the hard-hit tourism industry, capital expenditures to provide economic stimulus, and expanding access to funding for micro, small, and medium-sized enterprises and private individuals.
These measures will ensure that Georgia is able to use resources effectively and lay the foundation for a quicker recovery, read the press release.
Despite a state of emergency, economic activity continues in Georgia except for Marneuli and Bolnisi municipalities in eastern Georgia where a strict quarantine regime has been imposed after a local, 62-year-old woman tested positive for COVID-19 came into contact with more than 80 locals.
Private companies and individuals are now able to make donations in the national currency to help the poor and disadvantaged get through the coronavirus crisis in Georgia thanks to a StopCov foundation created today.
Liberty Bank has announced it will transfer 100 million GEL in pensions in advance to citizens of Georgia who are in a high risk group for the coronavirus, announces the Director General of Liberty Bank Vasil Khodeli.
Enterprise Georgia is starting a new programme today to cofinance family-owned, small and medium-size hotels in Georgia. The programme will seek to alleviate financial problems in the tourism industry due to the spread of the coronavirus.
US Ambassador to Georgia Kelly Degnan has praised the Georgian government for its ‘proactive steps’ to contain the spread of COVID-19 virus. “These are challenging times, and we are all trying to keep ourselves and our loved ones safe and healthy. We at the U.S. Embassy are particularly grateful for the pro-active efforts of the government of Georgia, including the NCDC, the PM, the president, almost every ministry, and parliament, doing their best to contain the spread of the COVID-19 virus and minimize its impacts”, she said.
Dozens have gathered in Zugdidi,in western Georgia, to receive facemasks and hand sanitizer gifted by Saakashvili’s Presidential Library, despite the state of emergency in the country which bans more than 10 individuals standing together.
Georgian start-up Doctor Goods has produced 40,000 medical gowns in a week to address the COVID-19 pandemic. As of now, Georgia has 79 confirmed cases of the new coronavirus, including eleven individuals who have recovered.
The United States Government is providing $1.1 million assistance to Georgia in response to the COVID-19 pandemic. This will help prepare laboratory systems, activate case-finding and event-based surveillance, support technical experts for response and preparedness, bolster risk communication and more
Georgia has expanded the category of people who will be tested for COVID-19 as there have been cases of internal transmission over the past several days.
The government of Poland has gifted over 500 liters of disinfectant, 22 units of spraying equipment and three heating devices for field tents to the Emergency Management Service of Georgia to help the country fight against the spread of coronavirus.
Lithuania will allocate €100,000 for acquiring medical supplies made by Lithuanian companies as humanitarian assistance for Georgia, Armenia, Moldova and Ukraine to help the countries better combat coronavirus pandemic.
The United States government has committed an additional $1 million in new USAID funding to support Georgia’s response to coronavirus. The US government has committed a total of $2.7 million to mitigate the spread of COVID-19 in Georgia.
Asian Development Bank (ADB) has approved a €400,000 (about $451,996) loan for Georgia to purchase polymerase chain reaction (PCR) equipment and tests, which is the ‘gold standard’ in testing for the coronavirus.
The Asian Development Bank (ADB) announced an investment of about $20 million in green bonds to be issued by Georgia Global Utilities JSC (GGU), with proceeds to upgrade the water supply system and sanitation in Tbilisi and nearby municipalities, and to refinance debt of renewable energy and water operations.
The Asian Development Bank (ADB) and Georgia's Credo Bank (Credo) signed a $4 million loan to support agricultural micro, small and medium-sized enterprises, low-income farm households, small businesses run by women, and agri-tourism in Georgia.