ADB President & Georgia's Big Role in Strengthening Trade between Asia & Europe

The President of the Asian Development Bank, Takehiko Nakao, met with the Minister of Finance of Georgia Ivane Matchavariani. At the meeting, Nakao assessed Georgia’s potential, saying that “Georgia can play a big role in strengthening economic trade between Asia and Europe.”

Within the frames of the annual talks of the International Monetary Funds and World Bank, the sides discussed prioritized directions connected to Georgia that should be taken in the years 2019-2023. The plan aims to strengthen regional ties, encourage the private sector, boost transportation infrastructure to support urban development and expand the role of the ADB in the fields of education, professional development and public management.

"I had an efficient meeting with the Georgian Finance Minister,” Nakao said. “I visited Georgia last year and I was amazed by the great effort the country is making to improve the business environment.”

The Asian Development Bank is an important partner for Georgia. A regional development bank established in 1966, the ADB is headquartered in the Philippines, maintaining 31 field offices around the world to promote social and economic development in Asia. To date, the funding the ADB has provided for Georgia stands at around $2.4 billion.

The key development priorities of ADB in Georgia are to foster inclusive and sustainable economic growth, accelerate poverty reduction, and enhance regional connectivity. Priority sectors include transport, water supply and sanitation, energy, public sector management, and finance. In October 2016, Georgia became the 11th member of the Central Asia Regional Economic Cooperation (CAREC).

Minister Matchavariani evaluated Nakao’s outlook on the importance of Georgia in the world of economy, saying: “The International Finance Institute and our partners have praised Georgia’s successful reforms.”

He reported that during every meeting that was held within the frames of the annual talks, Georgia’s progress was emphasized.

“It is especially evident to our partners that despite the shocks, that we have regrettably had lots of in our region these past few years, and the international challenges, Georgia’s economy has still found ways to stable development,” said Matchavariani.

The Minister also talked about the country’s goal of economic growth for the next year and of ways Georgia can continue to enjoy the full support of internationally important economic figures.

“We jointly assessed that a 5% growth that we have planned for the next year, is quite courageous and ambitious considering the givens,” he said. “The most important thing is that we keep on with our reforms. Each on-going reform needs to be fulfilled. Institutional and fiscal reforms must also be kept up. Our partners say that if we sustainably follow this direction, they will continue to support us.”

By Nini Dakhundaridze

21 October 2019 18:18