Garibashvili: “Georgia is Not Just Looking West”

Next month Tbilisi will host economic ministers from 57 countries for the first round of negotiations for the launch of the Asian Infrastructure Investment Bank (AIIB). Georgia is a founding member of the Chinese-led institution.

On August 24-25 Tbilisi will host the ministers of each AIIB member country, a group that includes Asian heavyweights China and India as well as western economies like France and the United Kingdom.

Prime Minister Irakli Garibashvili said that “This is further evidence that Georgia is not just looking West. My country has always been a regional hub and a gateway between Europe and Asia, which is why I am so strongly in favour of a Tbilisi Silk Road Forum.”

The bank will use its capital of USD500 billion to provide preferential loans for infrastructure projects in member countries, including Georgia. AIIB member officials hope the bank will issue its first loans by the end of the year.

Georgia became the institution’s 45th member on June 30 when Finance Minister Nodar Khaduri signed the AIIB’s founder’s agreement. The country’s political and business community see membership as an affirmation of Georgia’s unique status as a bridge between East and West.

Tbilisi will also host the Tbilisi Silk Road Forum on October 15-16, an event sponsored by the Asian Development Bank, the AIIB’s sister organization.

Georgia remains committed to integration with NATO and the European Union but enjoys strong economic relationships with non-Western countries such as China, Iran and Azerbaijan.

Joseph Larsen