Ministry of Finance of Georgia issued the following announcement on June 2.

The Asian Development Bank (ADB) is one of our major partners, and working 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 in financial resources from the Asian Development Bank to implement an emergency response and cost support program at COVID-19.

The document was signed by the Asian Development Bank's Director of Permanent Representation to the ADB in Georgia, Shane Rosenthal.

Funding will be used to alleviate the economic costs of the situation created by the pandemic, improve macroeconomic conditions and the well-being of the population, with a focus on the most vulnerable groups of the population, whose livelihoods have been significantly affected by the pandemic.

The agreement signed with ADB 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.

The Asian Development Bank approved a $ 100 million financial resource for Georgia on May 28 this year.

Original source can be found here.

Source: Ministry of Finance of Georgia