Asian Development Bank approves new strategy for cooperation with Georgia

Baku, Azerbaijan, August 23

By Tamilla Mammadova – Trend:

A five-year strategy for 2019-2023 of Asian Development Bank (ADB) supports Georgia’s development strategy aimed at improving efficiency and reducing poverty through economic integration with neighboring countries and the rest of the world, Trend reports citing the website of ADB.

The new ADB strategy of cooperation Georgia will be aimed at deepening trade relations, creating new jobs and reducing poverty through the development of economic and transport corridors in Georgia for the country and the region of Central and West Asia. It will also strengthen the country's private sector and contribute to the development of a market economy in Georgia by improving the business environment and retraining the workforce.

The priority of the new ADB cooperation strategy with Georgia is to further increase the country's openness to the global economy.

To support the new strategy, ADB sovereign loans for Georgia were set at $2 billion over the next five years, with additional funds raised as co-financing from development partners. Co-financing also includes three large state projects: the development of East-West and North-South transport and economic corridors, the deep sea port of Anaklia and the Special Economic Zone.

Along with the development of transport corridors, the new strategy will support the country's main tourist destinations and agriculture. Priority will be given to the sustainable development of cities, which will become attractive centers for large business, logistics and investment projects and will contribute to economic growth and job creation.

ADB has supported Georgia since 2007 and is one of the country's largest multilateral partners. The total amount of sovereign and non-sovereign loans granted to Georgia by ADB has reached $2.8 billion.

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