Asian Development Bank discusses new strategy for cooperation with Georgia

Finance Materials 24 September 2019 16:59 (UTC +04:00)

Baku, Azerbaijan, September 24

By Tamilla Mammadova – Trend:

The Asian Development Bank (ADB) has discussed a new strategy for cooperation with Georgia, Trend reports citing the website of the Georgian government.

In the framework of this strategy, the amount of sovereign loans intended for Georgia in the next five years is determined at $2 billion, plus cash raised on co-financing rights.

Co-financing also means three major 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.

Georgian Prime Minister Giorgi Gakharia met with Director of the Asian Development Bank’s Representation in Georgia Yesim Elhan-Kayalar.

Talks were held about the new strategy of ADB’s cooperation with Georgia for 2019-2023. The strategy of cooperation was approved on August 23 and aims at the reduction of poverty through economic integration with neighbor states and the rest of the world.

These projects are critical for turning Georgia into a regional center and expanding the corridors of regional economic cooperation in Central Asia in the direction of the Black Sea and Europe.

Along with the development of transport corridors, the new strategy will contribute to the realization of the government’s vision to link these corridors with local centers of economic activity, major tourist destinations and the population engaged in agriculture.

The ADB has been cooperating with Georgia since 2007 and has allocated more than $2.8 billion for the country’s development.