To minimize poverty in Georgia, the Asian Development Bank (ADB) and Credo Bank JSC (Credo) signed a $4 million loan to support agricultural micro, small and medium-sized enterprises (MSMEs). ADBs financing will help Credo to provide additional lending to its clients in the sector to mitigate the resurgence of poverty incidence caused by the pandemic.
- The financing will also support low-income farm households, women-owned MSMEs, and agri-tourism in Georgia.
- Around 40% of Georgias active working-age population are employed in agriculture. Most of them are self-employed and have limited access to social welfare support systems.
The major deals and financial assistance by ADB are mentioned below:
Nov 2020: To stimulate economic growth in Uzbekistan, the Asian Development Bank (ADB) has approved approximately $121 million loan to complete the modernization of the railway network in eastern Uzbekistan. The additional funding will improve trade and regional connectivity in the Fergana Valley.
Sep 2020: To develop the infrastructure and services the financial agency the Asian Development Bank (ADB) had announced approximately $300 million loan to Rajasthan, India. The project is expected to build citywide access for improved water supply services for around 570,000 people.
Aug 220: To boost farm income the Asian Development Bank (ADB) had approved approximately $400 million policy-based loan to the Philippine government aimed at raising the productivity and competitiveness of the countrys agriculture sector.
Aug 2020: In response to the coronavirus disease (COVID-19) pandemic, the Asian Development Bank (ADB) provides approximately $1.5 billion loan to support the Government of Thailand to stimulate the national economy.
July 2020: Asian Development Bank (ADB) has approved a $250 million loan to help the Government of Cambodia respond to the coronavirus disease (COVID-19) pandemic. The financial assistance will strengthen the countrys health care system and providing economic stimulus to businesses.
June 2020: Asian Development Bank (ADB) has announced $100 million loan to expand the coverage of an ongoing rural road network improvement project in Bangladesh. The expansion of project will benefit around 40.2 million inhabitants of country.
May 2020: Asian Development Bank (ADB) had approved around $300 million loan to help PT Geo Dipa Energi (GDE), an Indonesian state-owned company, expand its geothermal power generation capacity by 110 megawatts in Java.
May 2020: Asian Development Bank (ADB) had announced a $100 million loan to the Government of Mongolia to mitigate the severe health and economic impacts of the novel coronavirus disease (COVID-19) pandemic.
April 2020: Asian Development Bank (ADB) had approved approximately $1.5 billion loan to the Government of India to help fund its response to the novel coronavirus disease (COVID-19) pandemic. ADBs COVID-19 Active Response and Expenditure Support (CARES) Program will contribute directly to the improvement of access to health facilities and care.
April 2020: Asian Development Bank (ADB) had approved a $200 million loan to support the Philippine governments effort to provide emergency cash subsidies to weak households amid the COVID-19 pandemic. The financial assistance by ADB will support the governments emergency subsidy program, which was designed to help vulnerable households get through this very difficult period and avoid falling into poverty.
April 2020: Asian Development Bank (ADB) had announced approximately $1.5 billion financial support to the Government of Indonesia to alleviate the impact of the novel coronavirus disease (COVID-19) pandemic on public health, and the national economy. Indonesia has been severely affected by the global pandemic.
April 2020: Asian Development Bank (ADB) had assured Indian government to support with approximately $2.2 billion in its fight against the novel coronavirus disease (COVID-19) pandemic.
January 2020: Asian Development Bank (ADB) had signed a $37.8 million loan deal with TTC Energy Development Investment Joint Stock Company (TTC Energy) to develop a 50MW photovoltaic solar power plant in Tay Ninh Province in Viet Nam. A supplementary $7.6 million loan was provided by Leading Asias Private Infrastructure Fund, which is supported by the Japan International Cooperation Agency.
About The Asian Development Bank
The Asian Development Bank (ADB) is a Manila-based regional development bank formed in 1966 which assists its members by providing loans, grants, technical assistance, and equity investments to promote social and economic development in the region.
ADB is committed to achieving a prosperous, resilient, inclusive, and sustainable Asia and the Pacific region. It empowers people by providing information with a set of principles and exceptions.