ADB to Mobilize $50 Billion to Turn Regional Connectivity into Action
The Asian Development Bank (ADB) is mobilizing $50 billion by 2035 through new financing tools, policy support, and partnerships to help countries build cross-border power grids across some of the world's most complex regions, aiming to lower energy costs, strengthen reliability, and expand clean energy trade, ADB President Masato Kanda said today.
"The $50 billion Pan-Asia Power Grid Initiative is about building the infrastructure required for a more connected, resilient, and prosperous Asia and the Pacific," Mr. Kanda said. "Countries that stay connected attract investment and weather shocks better than those that turn inward. Connectivity is our answer to fragmentation."
Speaking at the Governors' Seminar on the Pan-Asia Power Grid Initiative (PAGI) during ADB's 59th Annual Meeting, Mr. Kanda underscored ADB's role in moving beyond standalone projects toward integrated regional systems that underpin growth, resilience, and energy security.
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Finance Minister Khutsishvili holds talks with World Bank delegation on economic growth and poverty reduction
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Georgian Finance Minister Lasha Khutsishvili met a high-level World Bank delegation to review joint analytical work, technical assistance programmes, and structural economic reforms in Georgia, the Ministry of Finance press service reported on Monday.
The delegation included Abebe Adugna, World Bank Regional Director for Prosperity in Europe and Central Asia, and Rolande Pryce, World Bank Regional Director for the South Caucasus.
Discussions centred on ongoing and upcoming World Bank technical assistance, focusing on analytical work to drive sustainable GDP growth, labour market expansion, and poverty reduction.
“The meeting reviewed current macroeconomic and fiscal policy trends in Georgia, alongside the impact of recent structural reforms on long-term economic resilience,” the Ministry of Finance statement read.
The Georgian delegation also included Deputy Minister of Finance Ekaterine Guntsadze and Acting Head of the Macroeconomic Analysis and Fiscal Policy Planning Department Nino Mikeladze.
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