BAKU, Azerbaijan, June 2
By Tamilla Mammadova – Trend:
Georgia will receive 92.30 million euros from the Asian Development Bank (ADB) to implement the COVID-19 Active Response and Expenditure Support (CARES) Program, Trend reports referring to the Ministry of Finance of Georgia.
"The Asian Development Bank is one of our major partners, and cooperation with them in a pandemic is vital," Finance Minister Ivane Machavariani said after signing a loan agreement with ADB.
Country Director for Georgia Shane Rosenthal signed the agreements on behalf of ADB.
According to the Ministry of Finance of Georgia, the funds will be used to mitigate the impact on the country economy, improve macroeconomic conditions and well-being of the population, with a focus on the most vulnerable groups significantly affected by the pandemic.
The agreement is part of the financial support that the Georgian government has received from partner international donor organizations to fight the COVID-19 pandemic and further rehabilitate the country’s economy.
On May 28, the ADB approved a $100 million loan to help the Government of Georgia contain the spread of the novel coronavirus disease (COVID-19) pandemic, mitigate the impact on businesses, and protect the livelihoods of the most vulnerable, including women and children.
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