The Georgian government plans to significantly expand foreign borrowing next year, with the 2026 state budget outlining new loans totaling 3.26 billion GEL, around 1.44 billion GEL more than in 2025.
A substantial share of the new debt will be used to refinance Georgia’s $500 million Eurobond issued in 2021. The budget plan shows that the government intends to issue a new bond in spring 2026 to cover this obligation.
The remaining borrowed funds will support several large-scale infrastructure priorities. These include the construction of the high-speed highway, expansion of the Tbilisi Metro, development of high-voltage transmission lines, upgrades to regional water supply systems, further rollout of the universal internet program and continued railway sector reforms.
The Asian Development Bank (ADB) is expected to be the country’s largest creditor in 2026, providing more than 500 million GEL. Additional financing will come from the World Bank, KfW, the European Investment Bank (EIB), and the European Bank for Reconstruction and Development (EBRD).
