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Monday, November 20, 2017

ADB loans Georgia $108 million for infrastructure upgrades

A $108 million loan agreement between the Asian Development Bank (ADB) and Georgia, signed Friday, will be used to improve water and sanitation services in Zugdidi and Poti, respectively, ADB said.

This loan will finance enhancements that would allow more Zugdidi residents to access piped-in water. Currently, 84 percent of residents in the city do not have access. Poti will be receiving a new sewage system with state-of-the-art waste collection and treatment facilities.

"ADB’s new deal with Georgia will help it address some of the barriers to inclusive growth, including deficiencies in transportation, energy and basic infrastructure, as well as the private sector’s inadequate access to finance,” ADB Georgia Resident Mission Country Director Kathie Julian said. “Strengthening infrastructure, along with providing support for policy reforms and capacity development, will help stimulate investment, job creation and income opportunities.”

This funding is part of a larger $500 million financing program that is set to be disbursed in multiple stages.

ADB, based in Manila, the Philipppines, is dedicated to reducing poverty in Asia and the Pacific Ocean region through inclusive economic growth, environmentally sustainable growth and regional integration. Established in 1966, it is owned by 67 members – 48 from the region.

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Asian Development Bank

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