Asian Bank to strengthen support for Georgia's development

The President of the Asian Development Bank (ADB), Masatsugu Asakawa, stressed the pride of the financial institution for actively supporting major projects and strategic reforms in Georgia. During a meeting with Georgian Prime Minister Irakli Garibashvili, Asakawa announced the bank's plans to further strengthen assistance to the country using more diversified approaches.

The ADB President visited Georgia for the first time to participate in the 22nd Ministerial Conference of the Central Asian Regional Economic Cooperation CAREC, which will be held on November 30, 2023 in Tbilisi. In his speech at the event, Asakawa stressed that since Georgia joined the ADB in 2007, the bank has supported key government programs such as water and transport infrastructure projects, contributing to the country's development of a regional transport and trade hub.

Asakawa expressed recognition of Georgia's active role in regional cooperation and integration within the framework of the Central Asian Regional Economic Cooperation (CAREC) program, emphasizing that Georgia is the chair country of CAREC in 2023.

The Asian Development Bank's CAREC program is a joint initiative of 11 countries and development partners aimed at supporting economic growth and poverty reduction in the region. CAREC 2030 is a long–term strategic framework for sustainable development.

According to the bank, in light of the new phase of cooperation with Georgia, ADB is considering expanding development areas, including energy security and independence. The Bank, together with the government, is exploring innovative energy storage options.

As the climate bank of the Asia-Pacific region, ADB seeks to support Georgia's transition to a green economy by aligning its efforts with the government's Vision 2030 program. The Bank is one of Georgia's largest multilateral partners, having allocated a total amount of loans in the amount of $4.7 billion.

ADB's development priorities in Georgia include multifaceted and sustainable economic growth, poverty reduction, improved regional connectivity and the provision of effective public services.

The Asian Development Bank plans to hold an annual meeting in Georgia for the first time from May 2-4, 2024, with the participation of about 4,000 participants and representatives of 68 member countries, including the president of the bank, vice presidents and delegations of international financial institutions and the private sector.