Asian Development Bank approves $100 million loan for Georgia

According to the Asian Development Bank, the second subprogram of the fiscal sustainability and social protection program will be implemented in 2020 based on the results of the approved first subprogram. The first sub-program was aimed at promoting the macroeconomic stability of Georgia during the COVID-19 pandemic.

“Georgia has successfully coped with the challenges of COVID-19, which has allowed the country to achieve an immediate economic recovery, but geopolitical events may complicate economic forecasts. With this subprogramme, the Asian Development Bank is supporting Georgia in completing the reform process, which will allow the government to manage financial risks, develop capital markets and social protection programs,” said Evgeny Zhukov, Director General of the Central and West Asia Department of the Asian Development Bank.

The Asian Development Bank states that the second sub-program will contribute to the development of the country’s institutional capacity to increase resilience to fiscal risks caused by natural disasters and climate change.

Georgia has been a member of the Asian Development Bank since 2007 and the bank is one of the largest multilateral partners in promoting the country’s development. The total amount of loans approved for Georgia is $3.92 billion, while the amount of technical assistance is $28.9 million. ADB’s development priorities in Georgia are trade facilitation, job creation, and poverty reduction through regional economic corridors.