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Asian Development Bank increases financing for Georgia

By Tea Mariamidze
Monday, May 8
The Asian Development Bank (ADB) will increase the investment limit for Georgia from $200 million to $350 million.

So far, the ADB has already allocated $1.62 billion for supporting Georgia’s public sector. In total, ADB assistance to Georgia amounts to over $2 billion.

“These funds will be directed to the construction of basic infrastructure that we had announced during the pre-election period,” said the First Deputy Premier of Georgia Dimitri Kumsishvili.

During the 50th annual meeting of the Board of Governors of the ADB, held in Yokohama city of Japan on May 5-6, Kumsishvili held several bilateral meetings with the president and representatives of the ADB, as well as investment companies.

The Vice-Premier said that the ADB supports not only East-West but also North-East road transit infrastructure development in Georgia.

“The ADB agreed to finance two important projects in Georgia, namely the Batumi bypass construction ($114 million) and the Kharagauli-Chumateleti route ($90 million). We also have negotiations over Rikoti route, worth of $130. We hope the decision over the issue will be reached soon,” the minister said.

The Georgian minister also delivered a speech at the business session, which was attended by members of ADB Board of Governors, as well as representatives of large investment companies.

While summing up his visit, Kumsishvili said that the key issue of the meetings was the 4-point plan of the government, which envisages modifying Georgia's income tax rules, improving governance, accelerating infrastructure projects and developing higher education.

“The implementation of strategic infrastructure projects for the country with these financial resources will create jobs that are very important and necessary for our country. It should be noted that the construction of the main infrastructure and the roads will increase Georgia's tourism potential and the transit role of the country,” said the first Vice-Premier.

Dimitri Kumsishvili is Georgia’s representative in the ADB Board of Governors.