ADB President: Georgia Can Be "An Example" for Asian countries

The President of the Asian Development Bank (ADB) Takehiko Nakao says that Georgia is developing in the right direction and can be an example for many Asian countries.

He made the statement at a news conference held on the sidelines of the 52nd ADB Annual Meeting in Fiji.

The ADB President talked about the strategy of the Asian Development Bank towards Georgia and the main directions of economic development. He noted that 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 road construction. It is important to develop energy, especially renewable energy. It is also important to make investments in education and tourism development, which is a significant source of income in Georgia,” he said.

Nakao noted for Georgia it is important to have ties with many countries.

“Ties with other countries and the logistics industry are very important. Development of new technologies, the internet, education and the development of the Fintech industry is part of our strategy. I think Georgia is developing in the right direction and sustanably so- it can be an example for many Asian countries,” he said.

The ADB says over $2.8 billion has been approved for Georgia’s development since 2007. This includes $1.4 billion from regular ordinary capital resources (OCR), $902 million from concessional OCR, $455 million in non-sovereign lending, $17 million in technical assistance, and trade finance.

By Thea Morrison