BAKU, Azerbaijan, Feb. 11
By Tamilla Mammadova – Trend:
The Asian Development Bank (ADB) is considering allocating 13.6 million euros to Georgia to finance preparatory and design works to improve infrastructure and services in the cities of the country, Trend reports citing Georgian media.
This loan will enable the Government of Georgia to plan infrastructure projects and carry out other necessary preparatory work for the ADB program entitled "Investing in the Sustainable Development of Georgian Cities", which is scheduled to begin in late 2020. The main goal of the program is to improve infrastructure and sustainable development, especially taking into account needs of people with disabilities, women and children.
Another goal of the program is to increase the tourist attractiveness of Georgia. In particular, it is planned to invest up to 362 million euros in the development of ecological and adventure tourism in Zugdidi, Mestia-Ushguli, Telavi, Gurjaani and Akhmet regions.
As reported, the loan repayment period of 13.6 million euros will be 15 years, including a grace period of three years.
The Asian Development Bank has supported Georgia since 2007. The total value of loans issued to Georgia is $2.8 billion.
ADB is a regional development bank established on 19 December 1966, which is headquartered in the Ortigas Center in the city of Mandaluyong, Metro Manila, Philippines. The bank also maintains 31 field offices around the world to promote social and economic development in Asia.
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