Home / Banking / ADB Provides $75m Loan to Georgia

ADB Provides $75m Loan to Georgia

The Asian Development Bank (ADB) is offering Georgia a loan of $75 million USD to help the Georgian Government implement reforms to increase savings and better use of internal resources as well as creating investment potential to avoid unequal distribution of income.

The programme supports the Government’s action plan which aims to have more financial resources be available for the social protection programmes and small businesses, taking into account the economic growth slow-down in the regions,” said Tariq Niaz of the ADB.

The ADB noted the average annual growth rate of Georgia’s economy was 5.8 percent between 2004-2014. Because of the economic slow-down in the region and in nearby Russia, the Georgian Government had bee forced to decrease its economic growth forecast by two percent for 2015, said the Bank.

This [loan] will help us to develop the internal market that will support developing our obligations and capital market in Georgia,” said Permanent Representative of ADB in Georgia, Kathy Julian.

The loan will also contribute to developing the pension system in Georgia. At the same time, small and medium-sized business will see an increase in capital access “especially for those enterprises which are run by women”.