EBRD, ADB vow support for Georgian economy amid coronavirus crisis
Georgian PM has held a video conference with the presidents of ADB and EBRD. Photo: Prime Minister’s press office.
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The presidents of the European Bank for Reconstruction and Development (EBRD) and the Asian Development Bank (ADB) have promised to help the Georgian economy recover in a video conference with Georgian Prime Minister Giorgi Gakharia earlier today.
Gakharia and the bank presidents discussed the measures and assistance that Georgia may receive to continue the state-funded programmes.
The Georgian government is actively working with local representatives, as well as the head offices of both EBRD and ADB to jointly develop a package of measures that will focus on overcoming the challenges caused by the coronavirus,” the government of Georgia press office said.
The presidents of the international banks have praised the efforts of the Georgian government in the fight against the crisis caused by the coronavirus. Photo: government of Georgia press office.
Bank presidents Suma Chakrabarti (EBRD) and Masatsugu Asakawa (ADB) have praised the steps taken by the government against the virus and to cope with the economic crisis sparked by the virus and said that the country will be able to rapidly regain its economic rates and positions.
Gakharia thanked the banks for funding many important projects in Georgia, in the field of infrastructure among them, and stated that all major infrastructure projects funded by them are being implemented despite the ongoing crisis.
The European Bank for Reconstruction and Development (EBRD) is pledging financing to help firms in Georgia deal with the impact of the coronavirus outbreak, announces the EBRD.
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.
‘We are in search of new opportunities in Georgia’
The European Bank for Reconstruction and Development (EBRD) is in search of new opportunities to further increase its support in 2019, said the Vice-President of the EBRD Pierre Heilbronn at the 16th Batumi International Conference.
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.
Georgia has confirmed four new cases of coronavirus increasing the total number of cases to 218. The medical director of Tbilisi Infectious Disease Hospital Marina Ezugbaia told journalists today that all of these new cases have been “imported”.
Georgian officials have thanked representatives of international financial organisations and diplomatic corps for their recent open letter to the Georgian government and Georgian people, praising the country's resilience amid the coronavirus pandemic.
Georgian President Salome Zurabishvili, Prime Minister Giorgi Gakharia, Foreign Minister David Zalkaliani and State Minister for Reconciliation and Civic Equality Ketevan Tsikhelashvili have sent their warm wishes to all celebrating Easter today.
The European Bank for Reconstruction and Development (EBRD) will allocate €90 million to finance a project which aims to strengthen the energy network in Georgia and to construct energy transmission lines in the country.