The Asian Development Bank (ADB) is one of our major partners, and cooperation with them in a pandemic is vital, – Finance Minister Ivane Machavariani said after signing a loan agreement with the Asian Development Bank.
Under the loan agreement, Georgia will receive 92,302,000 euros from the Asian Development Bank to implement the COVID-19 Active Response and Expenditure Support (CARES) Program.
Country Director for Georgia Shane Rosenthal signed the agreements on behalf of ADB.
According to the Ministry of Finance of Georgia, the funds will be aimed to mitigate the impact on economic, improve macroeconomic conditions and well-being of the population, with a focus on the most vulnerable groups, whose livelihoods have been significantly affected by the pandemic.
The agreement is part of the financial support that the Georgian government has received from partner international donor organizations to fight the COVID-19 pandemic and further rehabilitate the country’s economy.
On May 28, the Asian Development Bank (ADB) approved a $100 million loan to help the Government of Georgia contain the spread of the novel coronavirus disease (COVID-19) pandemic, mitigate the impact on businesses, and protect the livelihoods of the most vulnerable, including women and children.