EBRD, ADB Presidents Ready to Help Georgia Return to High Economic Development

Prime Minister of Georgia Giorgi Gakharia held a video conference with the presidents of the European Bank for Reconstruction and Development (EBRD) and the Asian Development Bank (ADB) regarding the possible assistance and financial resources to be allocated to Georgia to help it face to the challenges associated with the global pandemic.

Economic problems caused by the global spread of COVID-19 were emphasized during the video conference. Funding allocated by EBRD and ADB to the Georgian private sector, Georgian banks, and other business entities was noted in particular.

The sides also discussed post-crisis measures and the assistance that Georgia might receive from the financial institutions, which would enable the government to continue the state funding programs that are being implemented today to support citizens and private businesses.

It was noted that the government team is actively working with the 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 ongoing challenges.

According to the assessment of the presidents of the financial institutions, the fact that Georgia is successfully coping with the crisis constitutes sufficient grounds to say that the country will very quickly regain the rate and positions of economic development that it possessed at the beginning of 2020. Suma Chakrabarti and Masatsugu Asakawa confirmed their readiness to actively support Georgia in this area.

The Georgian side stressed that EBRD and ADB are very strong and serious partners for Georgia. It was noted that the European Bank for Reconstruction and Development and the Asian Development Bank has financed extremely important projects worth hundreds of millions of dollars in Georgia, including in the area of infrastructure. It was noted that all major systemic infrastructural projects funded by them are still in the active phase of implementation today, despite the ongoing crisis.

The head of the government thanked EBRD and ADB for their active cooperation and their support of Georgia.

Deputy Prime Minister and Minister of Regional Development and Infrastructure Maia Tskitishvili and Minister of Finance Ivane Machavariani participated in the video conference.

Source: Georgian Government's Press Service