ADB president: ‘Georgia can be an example for many Asian countries’
Takehiko Nakao said that the main task for Georgia is to establish ties with other countries. Photo: ADB.
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Georgia is developing stably and it can be an example for many Asian countries, stated President of the Asian Development Bank (ADB) Takehiko Nakao at the press conference held on the sidelines of the 52rd ADB Annual Meeting in Fiji.
Georgia’s index of macroeconomic stability and doing business is quite high. It is necessary to maintain macroeconomic stability, to invest in infrastructure projects, including in road construction. It is important to develop energy, especially with renewable energy. It is also important to make investments in education and tourism development, which is a significant source of income in Georgia”, said Nakao.
Nakao said that the main task for Georgia is to establish ties with other countries.
Since Georgia is a small country, ties with other countries and the logistics industry are very important. The development of new technologies, internet, education and the development of fintech industry is the part of our strategy”, Nakao said.
The ADB has been supporting Georgia since 2007 and so far over $2.8 billion has been invested in Georgia’s development.
The Georgian economy will grow by 5% in 2019 and by 4.9% in 2020 with higher investment spending, says Asian Development Bank’s flagship economic publication. Inflation is projected to accelerate to 3.2% in 2019 before slowing to 3% in 2020.
The Asian Development Bank (ADB) is providing a $22.3 million loan and $500,000 in a technical assistance grant to Georgia’s Credo Bank to launch new products including home improvement and mortgage loans to lower income households in rural areas and on the outskirts of Georgia’s capital, Tbilisi.
The Asian Development Bank will fund the second phase of work on water supply, sanitation and wastewater treatment systems at Georgia’s ski resort of Gudauri.
The Asian Development Bank (ADB) is offering €255 million to help Georgia develop its major transport artery East-West Highway.
The Asian Development Bank (ADB) raised 60 million GEL (about $21m/€18.70m) from two new issues of local currency bonds auctioned today in Georgia, announces the ADB.
The Asian Development Bank (ADB) has approved a $415 million loan to Georgia to build a new highway as part of the Kvesheti–Kobi Road Project. The 23-kilometer bypass road is part of the North South Corridor, which connects Georgia, Russia, Armenia and other countries.
The Asian Development Bank (ADB) and Georgian government have signed off on a framework to expand trade and create jobs in Georgia.
The European Bank of Reconstruction and Development (EBRD) has approved $60 million to co-finance the construction of the 9-km long Kvesheti-Kobi tunnel, which forms part of the North-South corridor.