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Finance Minister highlights economic growth and strategic projects at AIIB meeting

19:07, 27.09.2024
Georgia is steadily advancing toward its strategic objectives, having achieved European Union candidate status and completing critical infrastructure projects to enhance connectivity through the “Middle Corridor,” Finance Minister Lasha Khutsishvili stated during the business session at the 9th Annual Meeting of the Asian Infrastructure Investment Bank (AIIB).

During his address, Khutsishvili noted that despite global challenges, the AIIB has continued to make significant progress, closely collaborating with other multilateral development banks. He highlighted Georgia’s own economic achievements, noting that despite the post-pandemic challenges and the impacts of the Russia-Ukraine war, Georgia managed to achieve double-digit economic growth for two consecutive years in 2021-2022. In 2023, the economy grew by 7.5%, and in the first seven months of 2024, growth reached 9.7%, surpassing the historical average.

“It is essential to diversify financial flows and maintain disciplined fiscal planning, with clear priorities and resource allocation for innovative infrastructure projects and human capital development. By investing in sustainable infrastructure and other productive sectors, the Bank can have a positive impact on the lives of billions of people today while building a better future,” said Lasha Khutsishvili.

He noted that the Asian Infrastructure Investment Bank has already made significant strides by investing in various infrastructure and environmental improvement projects across Asia.

“I am confident that, with the Bank’s continued support, even more innovative projects will be implemented in the near future. We also welcome the Bank’s growing efforts to promote green economy principles in its member countries. Asia plays a crucial role in addressing global climate challenges, and the Bank can make a substantial contribution through development projects in areas such as climate change and green energy,” added Khutsishvili.

Khutsishvili highlighted the importance of financial instrument diversification to support member countries and mitigate risks from currency fluctuations through local currency financing.

In conclusion, he thanked the AIIB leadership and the Government of Uzbekistan for organizing the annual meeting and expressed hope for continued active cooperation with the Bank.

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