Georgian Finance Minister: “country steadily advancing towards strategic goals”

Georgian Finance Minister Lasha Khutsishvili on Friday told a business session at the 9th Annual Meeting of the Asian Infrastructure Investment Bank the country was “steadily advancing towards strategic goals”.

Khutsishvili noted the country had gained the European Union membership candidate status last year and was completing infrastructure projects of “critical importance” that enhanced connectivity through the Middle Corridor, a multimodal transport corridor connecting China to Europe through the South Caucasus, while also developing human capital.

The Minister highlighted Georgia’s economic achievements, noting despite the post-pandemic challenges and the impacts of the Russia’s ongoing invasion of Ukraine, the country had managed to achieve “double-digit economic growth for two consecutive years”, while also pointing out the AIIB continued to make significant progress, despite global challenges, by “closely collaborating with other multilateral development banks”.

He added the economic growth reached 7.5 percent the previous year, and in the first seven months of 2024, the economy grew by 9.7 percent, surpassing the historic average growth rate.

At all times, diversifying financial flows and implementing responsible fiscal planning are crucial. Clearly defined priorities and resource allocation for innovative infrastructure projects and human capital development are essential. By investing in sustainable infrastructure and other productive sectors, the Bank can positively impact billions of lives today while contributing to a better future” Khutsishvili noted.

I am confident that, in the near future, the Bank's financial support will lead to the implementation of more innovative projects. We also welcome the Bank's increasing efforts to promote green economy principles among member countries. Asia has a crucial role in addressing global climate change, and the Bank can make significant contributions to development projects, including climate change mitigation and green energy”, he added.

The official also said the diversification of financial instruments and support member countries represented tools that provided financing in local currency for individual projects and balanced the risks from currency fluctuations.

The Minister also extended his gratitude to the Bank’s leadership and the Government of Uzbekistan for organising the meeting and expressed hope for “continued active cooperation with the AIIB”.