Georgian Finance Minister discusses cooperation with International Finance Corporation, Asian Development Bank

Questions of cooperation between the International Finance Corporation and Georgia, and the IFC’s decision to increase its portfolio for Georgia in support of the private sector in the country were discussed during a meeting between Lasha Khutsishvili, the Georgian Finance Minister, and Damien Shiels, the Acting Regional Director of the IFC on Wednesday. 

The Georgian official told the IFC representative the country would continue reforms in various directions, including in increasing energy security and independence, strengthening infrastructure to support the country’s competitiveness and capital market reform, the Finance Ministry said. 

During the meeting, the role of the private sector in economic recovery and development was also pointed out, with the sides additionally stressing the importance of human capital reform seeking to strengthen the health and education sectors.

The parties also discussed the global pandemic and its impact on Georgia, pointing out the measures carried out by the Government against Covid-19 and the ongoing circumstances in the Black Sea region amid the Ukraine war. 

Khutsishvili and Shiels expressed hope for continued cooperation between Georgia and the IFC with the latter assisting the country in investment, consulting and technical support. Photo: Georgian Finance Ministry

The Georgian Minister also met with Masatsugu Asakawa, the President of the Asian Development Bank, and discussed the current projects in the country involving support of the ADB, and questions of future cooperation. 

Khutsishvili and Asakawa noted the importance of holding the planned annual ADB meeting in Georgia - originally scheduled for 2021 but moved due to the pandemic - in 2024.

Since the launch of the partnership between Georgia and the ADB in 2007, the Bank has committed $3.92 billion in loans and $28.9 million in technical assistance projects for the country, the ADB said.