Asian Development Bank increases financing for Georgia
Wednesday, October 21The Asian Development Bank (ADB) is stepping up its financial commitments and committing to providing more money to finance projects in Georgia over the next three years.
The Bank’s Vice President Wencai Zhang confirmed that the ADB would increase its funding to Georgia over the next three years, adding: "if any ongoing project needs more financial resource we will lend more”.
The Bank will continue financing projects in Georgia in the fields of transportation, energy and implementing sectoral reforms, he said.
The terms and conditions of the ADB loans were dependent on specific projects.
“There is quite a good relationship between Georgia and ADB. Georgia joined the ADB in 2007. We cooperate in various fields such as transport, energy, water sanitation works, financial sector, developing capital market, etcetera … and I am sure Georgia can play a very important role in promoting regional cooperation between Europe and Asia,” Zhang said.
He believed that Georgia had the potential to become a regional economic hub thanks to its strategically important location.
It was announced that Georgia would receive a preferential loan of $75 million USD within ADB’s three-year program of budgetary support. Through this loan ADB would help the Georgian Government implement reforms to increase savings and better use its available internal resources as well as create investment potential to avoid unequal distribution of income.
The loan will also contribute to developing the pension system in Georgia. At the same time, small and medium-sized business will see an increase in capital access "especially for those enterprises which are run by women,” said Zhang. (Agenda.ge)