Page 21 - GEORptDec21

4.3 Fixed investment
ABD approves €101mn development loan for Georgia
The Asian Development Bank (ADB) has approved on November 10 a loan of €101mn ($119.9mn) for building and upgrading new and existing infrastructure in Georgia and enhancing services in urban centres to boost economic opportunities and improve quality of life, according to a statement from the lender.
“Georgia has made significant economic gains over the past years, but growth has been unevenly distributed and severely impacted by the COVID-19 pandemic,” said ADB director general for Central and West Asia Yevgeniy Zhukov.
The loan projects would help make Georgia an even more attractive destination and boost business opportunities for local communities, argued ADB principal urban development specialist Ramola Naik Singru.
Projects will upgrade city centres, public spaces, parks and public transport to improve mobility.
Projects will also construct libraries, e-learning centres, kindergartens, sports complexes and other community buildings. The ADB-developed Inclusive Cities Guidelines will be applied for improving accessibility and ensuring a seamless built environment for older persons, persons with disabilities, women and children.
According to the development bank, projects would also include upgrading transport systems, including the Tbilisi Metro.
The Georgian Ministry of Finance announced that it had started negotiations with the International Monetary Fund (IMF) over the launch of a new three-year programme.
Finance Minister Lasha Khutsishvili has met the IMF mission chief James John to discuss economic conditions and projected market reforms in Georgia.
The officials talked over the basic aspects of the three-year programme, including structural reforms and macroeconomic parameters of the country. ”We discussed macroeconomic parameters of Georgia in the medium term, the agenda of structural reforms, including the reform of the capital market of state-owned enterprises and innovations in tax administration," Khutsishvili wrote on the finance ministry's Facebook page.
The executive board of the International Monetary Fund (IMF) has completed
Georgia begins talk with IMF for new three-year arrangement
21 GEORGIA Country Report December 2021 www.intellinews.com