ADB President commits to bolstering Georgia’s economic and climate resilience initiatives

GEORGIA – The Asian Development Bank (ADB) is stepping up its support for Georgia, focusing on a range of development and reform initiatives that align with the country’s Vision 2030 and climate action goals. ADB President Masatsugu Asakawa, during a meeting today with Georgian Prime Minister Irakli Gharibashvili in Tbilisi, committed to enhancing Georgia’s economic growth through increased development support.

Asakawa’s pledge includes major projects such as the East–West Highway and North–South Road Corridor, alongside reforms aimed at deepening capital markets, transforming state-owned enterprises, enhancing human capital, and improving climate resilience. These efforts are part of a broader commitment by the ADB to support Asia-Pacific prosperity and eradicate poverty.

Since Georgia joined the ADB in 2007, the bank has invested $4.7 billion in the country through public and private sector loans, grants, and technical assistance. These investments have contributed to significant infrastructure developments and have positioned Georgia as a key player in the Central Asia Regional Economic Cooperation (CAREC) Program, enhancing regional unity.

Looking ahead, Asakawa is scheduled to meet with Vice Prime Minister Levan Davitashvili and other officials to discuss innovative energy storage solutions that support energy independence and the transition to a green economy. These discussions are part of the CAREC Program’s auspices, which Georgia has actively contributed to.

The ADB’s continued focus on climate-related initiatives reaffirms its role as Asia Pacific’s climate bank, dedicated to fostering inclusive societies and targeting poverty eradication. With Tbilisi set to host the CAREC Ministerial Conference and the ADB’s annual meeting in May 2024, Georgia is strengthening its position as a regional nexus for economic cooperation and development. The bank’s ownership, which extends across 68 member countries, underscores its mission for a sustainable Asia-Pacific region.

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