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Georgia Asian Development Bank (ADB) Lasha Khutsishvili

Georgia eyes co-op with ADB on Black Sea cable project - Finance minister

TBILISI, Georgia, May 2. With the intention of supplying Europe with green energy from Azerbaijan via the Black Sea cable project, Georgia aims to collaborate with the Asian Development Bank (ADB), Minister of Finance of Georgia, Chairman of the Board of Governors, and Governor of Georgia in ADB Lasha Khutsishvili said, TurkicWorld reports.

He made the statement during the ADB Board of Governors Business Session.

During his address, he emphasized the Asian Development Bank's pivotal role in providing assistance to regional countries, highlighting the heightened importance of ADB support amidst global challenges for implementing reforms in the region.

Khutsishvili underscored the necessity for both the Asian Development Bank and other development partners to prioritize flexibility and decisive action in addressing diverse challenges.

He pointed out that Georgia has demonstrated its commitment to sustainable development through rapid economic recovery across both the public and private sectors.

The minister highlighted that Georgia, despite global challenges, has sustained double-digit economic growth for two years.

He emphasized that Georgia's robust economic and financial indicators serve as a sturdy foundation for long-term strategic planning.

"Georgia maintains its fruitful collaboration with the Asian Development Bank, boasting a portfolio of approximately $4.5 billion. We eagerly anticipate future partnerships with ADB in Georgia's key sectors, including energy security and independence, sustainable and renewable energy production, connectivity initiatives such as the Black Sea submarine cable project, highway development, and digital infrastructure. In today's landscape, robust regional synergy and support from development-focused partners are essential. I extend my best wishes to each of you for success in navigating through the challenges ahead," Khutsishvili said.

To note, the theme of the 57th ADB Annual Meeting in Tbilisi, which runs from May 2 through May 5, is "Bridge to the Future."

The inaugural session of the Board of Governors is scheduled for May 4, marking the official commencement of the annual meeting. Distinguished guests from the host country will be present. ADB President Masatsugu Asakawa, as well as Georgia's Minister of Finance and Chairman of the ADB Board of Governors, Lasha Khutsishvili, will deliver statements.

The annual meeting provides ADB governors with a platform to address developmental issues and challenges confronting the Asia-Pacific region. The event typically attracts several thousand participants, including finance ministers, central bank governors, senior government officials, private sector representatives, members of international and civil society organizations, youth, academics, and media personnel.

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