Speech by Ashok Lavasa, ADB Vice President for Private Sector Operations and Public–Private Partnerships, at the Signing Ceremony of Joint Stock Company Bank of Georgia - COVID-19 Response to Support Micro, Small, and Medium-Sized Enterprises Project, 9 December 2021.
To all my colleagues from ADB, distinguished guests, ladies and gentlemen. Good afternoon.
On behalf of the Asian Development Bank, I am honored to join the signing ceremony of ADB and JICA financial facilities to the Bank of Georgia. Like so many things these days, we have the signing ceremony virtually, but I do look forward to visiting Georgia to witness the implementation of this project in the near future.
The joint ADB-JICA $200 million financing facility, which we are signing and celebrating today, will support the supply of critically needed funding to Micro, Small, and Medium-Sized Enterprises (MSMEs) that have been affected by the pandemic’s economic fallout. MSMEs are the backbone of the Georgian economy.
As one of the two systemically important banks in Georgia, Bank of Georgia plays a key role in channeling financing to the real economy. ADB always aims to join forces with the best-in-class partners whose goals are aligned with those of ADB. In this case, both institutions share the objectives of achieving greater financial inclusion, gender equality, job creation, and access to affordable financial services. This project contributes to such goals.
Access to longer term financing remains critical for banks in ADB’s developing member countries, particularly during this pandemic. This long tenor facility will allow Bank of Georgia to maintain sufficient liquidity levels to keep expanding its MSME portfolio at a sustainable growth pace, as BOG has responsibly done over the past months since the pandemic started.
This project builds on the already existing strong partnership between ADB and the Bank of Georgia in the Trade Finance Program, and it paves the ground for an even stronger collaboration during project implementation which will be reinforced with Technical Assistance resources to support Bank of Georgia’s Women in Business program and agribusiness value chain program.
ADB is also excited to have contributed to making the connection between Bank of Georgia and the Japan International Cooperation Agency (JICA). We truly hope this is the beginning of a strong and long partnership between two institutions and two countries.
Hará-san, Mr. Gvalia, JICA and BOG teams, congratulations on reaching this important milestone. ADB’s own team led by Christine Engstrom and Shane Rosenthal, Country Director Georgia deserves to be applauded for their contribution in working on this deal successfully and fostering a new relationship.
ADB is pleased to continue our partnership and we look forward to working together to support your continued growth. Thank you for making me a part of this occasion and thank you all for joining the signing ceremony today.