ADB to allocate $600 to Georgia by 2014 for infrastructure projects
TBILISI. March 7 (Interfax) - The Asian Development Bank (ADB) will allocate $500 million to $600 million to Georgia in the next two years for different infrastructure projects, the Georgian Finance Ministry said in a press release citing Finance Minister Dmitry Gvindadze.
"During meetings with ADB department heads and members of the board the outlook for cooperation in all sectors was agreed. Around $500 million to $600 million will be allocated over two years for highway construction, city, municipal and energy infrastructure and support for the private sector," Gvindadze said, following last week's visit to the Philippines. This means the ADB will continue to encourage growth in Georgia.
The ADB has already started looking at projects submitted by Georgia, the release said.
"These include reconstruction and construction of new roads, hydro power plants and water supply systems, transport infrastructure modernization and coastal protection work," the release said.
The ADB is currently funding several major projects in Georgia, in line with which Georgia is to receive loans of $1.3 billion over the next few years. In accordance with a framework agreement between Georgia and the ADB, projects being implemented include highway construction and reconstruction ($500 million), water supply systems in Georgian regions ($500 million), and city transport infrastructure development and modernization ($300 million).
Georgia has been a member of the ADB since February 2007. In that time it has obtained easy loans from the ADB totalling $395 million, largely to support the budget and fund infrastructure projects.