The Asian Infrastructure Investment Bank (AIIB) has approved a loan of €45 million ($52 million) to Georgia to mitigate the negative economic and social impacts of COVID-19 and sustain the momentum of pre-pandemic reforms that support economic growth and resilience, according to an announcement from the AIIB.
Funded under AIIB’s COVID-19 Crisis Recovery Facility (CRF) and co-financed with the World Bank, the loan will fill the unanticipated financing gap that has arisen due to the impact of the COVID-19 outbreak, which could jeopardize Georgia’s ongoing reforms under the Economic Management and Competitiveness Program (EMCP).
Before the pandemic, Georgia adopted reforms under the EMCP designed to sustain rapid growth and ensure inclusion, job creation and resilience through measures to strengthen economic management and enhance competitiveness. COVID-19 has caused government financing constraints, creating huge funding needs for the ongoing implementation of refo
