Asian Development Bank ready to finance energy projects in Georgia
TBILISI. April 18 (Interfax) - Asian Development Bank (ADB) is looking into the possibility of financing energy projects in Georgia, the bank's vice president, Xiaoyu Zhao, told journalists after meeting with the heads of the country's Ministries of Finance and Energy.
Zhao said: "This is my third visit to Georgia, with which ADB has a close partnership with largely in the implementation of various infrastructural projects. We plan to finance projects this year in energy such as several connected to the construction of new hydroelectric stations."
"Georgia is rich in hydro-resources. Also, the country's geographical location creates good conditions for effective use of this potential," he added.
Georgian Finance Minister Dmitry Gvindadze said that current projects under ABR support were discussed at the meeting, as well as new areas of partnership. He said that construction of the new Tbilisi-Rustavi roadway and a byway in Kobuleti should start in the near future with the bank's financial support. He added work is slated to start "on several other priority projects."
It was earlier reported that ADB plans to allocate Georgia around $500 million-$600 million for various projects over the period until 2014.
Georgia has been a member of ADB since February 2007. Since then, the country has received $781 million in loans from the bank manly for supporting the budget and financing infrastructural projects.
