Finance Minister: ADB's local currency loan indicates “high level of confidence” in Georgia’s economy

Georgian Finance Minister Lasha Khutsishvili on Friday said the Asian Development Bank’s allocation of financial resources in local currency indicated a “high level of confidence” of the international financial institution in the economy of Georgia and marked a “new stage in our successful cooperation”.

The Bank earlier today announced it had approved a policy-based loan of ₾68.19 million ($25 million) to improve vocational education and training in the country.

I would like to highlight that our partners' decision aligns with Georgia’s debt management strategy, which aims to increase the proportion of local currency in the total debt. This approach will enhance the economy’s resilience to external shocks and support its sustainable development”, Khutsishvili said.

We are pleased with the assessment made by the ADB management regarding the country’s economy and the reforms that have been implemented [...] I would like to take this opportunity to thank the ADB for its support of Georgia, which aims at the sustainable and stable development of our country”, he added.

The funding is part of Subprogramme 2 of ADB’s Modern Skills for Better Jobs programme, which aims to enhance the quality and relevance of VET, increase access to it, and involve the private sector in shaping VET programmes.

• Asian Development Bank approves $25mln loan for vocational education in Georgia

Key actions of the Georgian Government include its approval of a VET Strategy for 2024–2030 that addresses gender and climate issues, and creation of a new qualifications framework for VET teachers to attract skilled professionals.