24 Nov 2014 10:05

ADB TO LEND Georgia $75 mln for reforms

TBILISI. Nov 24 (Interfax) - Georgia will receive a $75 million loan from the Asian Development Bank (ADB) to support government reforms.

The Georgian Finance Ministry reported that Finance Minister Nodar Khaduri signed the relevant agreement with the head of the ADB office in Georgia, Kate Julian, on Friday.

The funds will be allocated in the form of an easy loan and are part of a three-part financing program for 2014-2016, totaling $200 million. The other two tranches will be for $50 million and $75 million.

ADB is funding several large projects in Georgia and these are to receive over $1.3 billion in the next few years. A framework agreement between Georgia and ADB shows that there are projects underway in water supply system construction ($500 million), construction and modernization of highways ($500 million) and city transport infrastructure development ($300 million).

Georgia has been a member of the ADB since February 2007. In that time, Georgia has received $865 million from the ADB to support the budget and fund infrastructure projects.