21 October 2020,   06:08
ADB approves USD 100 mln loan to Georgia

The Asian Development Bank (ADB) has approved a $100 million loan to help the Government of Georgia contain the spread of COVID-19, mitigate the impact on businesses, and protect the livelihoods of the most vulnerable, including women and children.

“As a major trade and tourism hub, COVID-19 poses a grave threat to the health and economic wellbeing of Georgia. We are fully committed to supporting Georgia’s response and this comprehensive package will help address the country’s immediate health and socioeconomic needs. It builds on more than a decade of cooperation between ADB and Georgia in fiscal management and social protection - which are key to the economy’s post-pandemic recovery”, - reads the statement of ADB.

According to the Bank, Georgia began to introduce containment measures in January to shield its vulnerable public health system, but the pandemic has significantly impacted the economy. Travel restrictions hit the tourism sector, which recorded an almost 60% year-on-year decline in international visits in March.