During the 57th annual meeting of the Asian Development Bank (ADB), the Minister of Finance of Georgia, Lasha Khutsishvili, led the business session of the Board of Governors as the chairman,  the Ministry of Finance reported.

In his welcoming speech, Lasha Khutsishvili highlighted the importance of hosting the annual meeting for fostering bilateral and multilateral cooperation.

“The theme of the 57th annual meeting is ‘Bridge to the Future’ — we chose this name for various reasons. These include Georgia’s role and geographical location between Europe and Asia, as well as the ongoing momentum from the pandemic, addressing the global crisis related to Russia’s war in Ukraine, other conflicts, adapting to climate change, and other challenges.

Georgia is making progress toward strategic goals, such as obtaining the status of a candidate country for the European Union, completing essential infrastructure projects, enhancing connectivity within the Middle Corridor, and creating solid human capital. However, there is still much work to be done in the future. The economies of many countries worldwide have recovered, including Georgia, which demonstrated resilience.

During 2021-2022, amid the post-pandemic impact and Russia-Ukraine war, under conditions of strong fiscal consolidation, Georgia’s economy experienced double-digit growth rates for two consecutive years, thus returning to pre-pandemic levels. The country’s economic growth is expected to remain above average in 2023 and 2024. Preliminary data indicates growth rates of 7.5% in 2023 and 7.8% in the first quarter of 2024. In challenging circumstances, our policy priorities involve maintaining macroeconomic stability, preparing for potential setbacks, mitigating negative effects, and ensuring the long-term sustainability of structural reforms,” stated Minister of Finance Lasha Khutsishvili.

Khutsishvili emphasized that Georgia continues its successful cooperation with the Asian Development Bank.

“Within a diversified portfolio totaling approximately $4.5 billion, the bank finances both public and private sectors. We hope to continue our cooperation with the Asian Development Bank in priority areas for Georgia, such as energy security and independence. These initiatives include increasing green and renewable energy production, strengthening connectivity through transmission lines, including the Black Sea submarine cable project, and building infrastructure that supports land and digital connectivity, corporate governance reforms in enterprises, and investment in human capital. These and other areas are key priorities in our agenda,” said Minister Khutsishvili.

During the business session of the Board of Governors of the Asian Development Bank, Khutsishvili, as the chairman of the Board of Governors of ADB and the host of the 57th annual meeting, officially handed over the status of host of the 58th annual meeting of ADB in 2025 to Italy’s representative.