ADB to Expand $1.5 Bln Investment Portfolio in Georgia

The Asian Development Bank (ADB) is to expand its 1.5 billion investment portfolio in Georgia. The issue was raised at the meeting of the Minister of Economy and Sustainable Development, Giorgi Kobulia, and the ADB Resident Mission Country Director, Yesim Elhan-Kayalar on September 26.

Kobulia stated later that the meeting was very positive since numerous key issues were covered during the conversation. According to him, the ADB’s investments in Georgia amount up to S3 billion while at this point, the investment portfolio is $1.5 billion.

“In fact, this sum makes up 10% of our GDP. The ADB is still planning to expand this portfolio – we discussed the possibility of increasing the ADB participation in our energy sector as well as its support in the pension reform and PPP Law implementation,” he stated.

The sides also discussed active support of the ADB towards SME development in Georgia.

“The ADB will provide technical and financial assistance to the SMEs in the regions in order to improve connectivity between the different businesses – for example, between the hotels and producers of the food and beverages. The ADB will also allocate money for the SMEs, allowing them to produce different product or even build new hotels,” he added.

By Thea Morrison