Minister of Finance Ivane Machavariani Elected Chairman of the Board of Governors of the ADB
Within the framework of the 53rd Annual Meeting of the Asian Development Bank (ADB) held in an online format on September 17-18, the Minister of Finance of Georgia and the Governor of the Asian Development Bank, Ivane Machavariani, participated in the Business Session of the Bank's Governors. During the meeting, the Minister of Finance of Georgia was elected Chairman of the Board of Governors of the Asian Development Bank for one year.
As it is known, according to the decision made by the Board of Governors of the Bank in November last year, Georgia is the host country of the annual meeting of the Asian Development Bank in 2021. Up to 5,000 high-ranking guests will take part in this large-scale event.
The business session was opened by the Chairman of the Board of Governors - the Bank of South Korea, the Deputy Prime Minister of South Korea and Minister of Finance and Economy Hong Nam-kim.
The meeting was attended by the President of the Asian Development Bank, Masatsugu Asakawa, who reviewed ADB's 2019 activities, current year challenges and the Bank's future plans.
In his speech, the Minister of Finance of Georgia Ivane Machavariani stressed the importance of cooperation with the Asian Development Bank and the role of the bank in the fight against the Covid-19 pandemic.
As he noted, the bank has allocated $ 20 billion in response to the Covid-19 pandemic, which has allowed the bank's member states to use financial resources to provide both health care and social support and stimulate the private sector. At the same time, the Minister of Finance noted that the negative consequences of the pandemic for the economies will be long-term, which will require coordinated and joint work of all countries to overcome the challenges.
He reiterated the importance of holding the annual meeting of the Asian Development Bank in Georgia.
"In the context of the Covid 19 pandemic, I think everyone understands the challenges of hosting this event. However, we express our readiness to hold one of the most memorable annual meetings of the Asian Development Bank in Tbilisi next year, "- said the Minister of Finance Ivane Machavariani.