Kobakhidze, ADB President open new office of Bank’s resident mission in Georgia

Georgian Prime Minister Irakli Kobakhidze and the President of the Asian Development Bank, Masato Kanda, on Friday opened the new office of the Bank’s resident mission in the country.

The Georgian Government Administration said Kobakhidze highlighted the long-standing and productive partnership between Georgia and the Asian Development Bank, thanking the institution for its continued support of the country and its government.

“Georgia has a special partnership with the Asian Development Bank, which has produced very tangible results. For many years, the bank has been one of Georgia’s most reliable, important and development-oriented international partners and its activities in the country fully align with our national priorities,” Kobakhidze said.

He noted that the bank’s current investment portfolio in Georgia exceeds $5 billion, funding a number of important projects across different sectors.

Kanda, in turn, emphasised the growing cooperation between the Bank and Georgia.

“Our partnership is strong. At its most recent meeting, the board of the Asian Development Bank approved the allocation of more than $1 billion to support the development of Georgia’s public and private sectors, which will contribute to the country’s economic growth through investment,” he said.

Kanda added that the two sides have made progress by supporting major projects, strengthening municipal services, advancing sectoral and institutional reforms and investing in people to improve living standards.

Finance Minister Lasha Khutsishvili also congratulated the Bank on the opening of its new office, noting that a number of transformative projects have been implemented in Georgia with ADB support.

He said the Bank’s representation and investment portfolio in the country have continued to grow in line with the country’s economic development. Khutsishvili said that next year will mark the 20th anniversary of cooperation between Georgia and the Asian Development Bank, which he described as a leading international financial institution for the country.