Georgia Ready To Submit In ADB Projects For Future Funding

Georgia Ready To Submit In ADB Projects For Future Funding

Georgia Ready To Submit In ADB Projects For Future Funding

Prospects of cooperation between Georgia and the Asian Development Bank (ADB) were discussed at the meeting of Aleksi Aleksishvili, Finance Minister of Georgia, with Kharukhiko Kuroda, president of ADB.

As BLACK SEA PRESS was told in the Finance Ministry of Georgia, the meeting was held under frames of annual ADB meeting where Georgia took part for the first time.

Kharukhiko Kuroda said that ADB was occupied with research of the economy of Georgia. The results will be published in June 2007. Under the document, Georgia will be given classification, while on the ground of the qualification kinds and amounts of preferential credits, grants and technical assistance to be provided to Georgia will be fixed.

Aleksi Aleksishvili said that Georgia would submit in ADB soon the projects for future funding of the priority sectors – construction of roads, energy and transport. ADB will possibly co-fund current projects of the European Bank for Reconstruction and Development (EBRD), the World Bank (WB) and Millennium Challenge Georgia (MCG) in Georgia.

According to the Minister, active development of cooperation between ADB and business sector of Georgia was very important especially that in the banking field, because ADB was interested in the branch. Staffs of ADB Department for Private Sector will visit Georgia soon.

ADB plans to open its office in Georgia, where service will be available for the whole region.

Georgia became 67th official member of the Asian Development Bank (ADB) on 4 February 2007. ADB proposed to Georgia block of shares – 12081 shares (0,334% in the current capital).

ADB releases concession credits for 32-year term with 8-year preferential period under 1% interest during the preferential period and 1,5% - during the following period. Grant element of the above credits makes 62%.

Products of the bank include credits based on Libor (non-concession credits under 6-7% interest), grants and other kinds of technical assistance.