MANILA, PHILIPPINES - The Asian Development Bank welcomes the news that a ceasefire has been announced between Georgia and Russia. Staff are in touch with development partners in Georgia and envisage a coordinated approach to providing assistance.
Georgia, the ADB's newest member, has taken major strides in economic reform in recent years, reflected in the substantial economic gains the country has made since 2004. It has demonstrated resilience in the face of external shocks, with the adoption of a robust macroeconomic policy framework, reinforced with a coherent set of structural reforms.
ADB plans to provide Georgia concessional lending amounting to about $230 million dollars during 2008-2010. The funding will support improved service delivery in municipal infrastructure, as well as developing and upgrading other infrastructure. Opportunities for private sector operations are also being actively pursued.