2014 წლის 21 ნოემბერს ხელმოწერილი „საქართველოსა და აზიის განვითარების ბანკს შორის (სპეციალური ოპერაციები) (შიდა რესურსების მობილიზაციის გაუმჯობესება ინკლუზიური ზრდის პროგრამისათვის - ქვე-პროგრამა 1)“

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LOAN NUMBER 3191‑GEO(SF) LOAN ACREEMENT (SpeOa1 0perabons) OmprC Ving Domest c Resource Moblizalon forlnclusive CroMh Program― Subprogram l) beヽ ″een GEORGIA and ASiAN DEVELOPMENT BANK DATED 2イ n/Oυ chber 2alV GE0 48044 LOAN AGREEMENT {Special Oper.tions) LOAN AGREEMENT dated Ll.,ll. UIY between GEoRGTA ('Bono\ ed) and ASIAN OEVELOPMENT BANK CADB). vvllEREAS (A) ADB has received from the Bo.rower a developm€nt policy letter dated 18 September 2014 ('Policy Lettof), s€tting fodh cedain obioclives, policies and aclions, described in Schedule 1 to this Loan Agreem6nt, designed to develop the Bonower's financial sector ('Program'); (B) the Program comprises the first subprogram of a programmatic appoach, as described in paragraph 1 of Schedule 1 to this Loan Agreement ('Programmatic Approach'), and the Bonower has applied to AOB lor (i) a loen from ADB'S ordinary capilal resources and (ii) a loan for the purposes ofths Program; tro ADBS Special Funds resources, in each case (C) by an agreement of even date herewith between the Bonower and ('Ordinary Operations Loan Agreemenl'), ADB has agreed to lend to the Bonower from ADB capital resources an amount of sixteen million Oollars ($16,000,000) for the ordinary ADB'g purposes of the Program; and (D) ADB has agreed to make a loan to the Bonower from ADB'S Special Funds resources upon the lerms and conditions set forth herein; NOW THEREFORE the parties agree 6 follows: ARTICLE I Lo.n Regul.tion3; DGtinitiont Section 1.01. (a) Section 2.01(24) i3 dgleted and the following is substitutod thereforl All the provisions of the Speoial Operations Loan Regulations of ADB, dated 1 January 2006 ('Loan Regulations"), are hereby made applicable to this Loan Agreement with the same force and efiecl as if they were fully set forth herein, subject, however. to the following modffications: 24. The tem 'Program' means the program for wt ch ADB has agreod to make the Loan, as described in the Loan Agreement and as th€ descaiption thereof may be amendod from lime to time by agre€ment behveen ADB and the Bonower. 2 ,Project. (b) _ The term be lubstitutsd by the tem 'Program'. _ (c) wherever d appeaE in the Loan Regutaiions sha Section 2.0i(26) is detoted and the fo o,ving is sutstituted lherefor: 26 The term .program Execuling Agency. means the enlrtv or enlities responsble for the Carrymg out of the p.ogram a; specified rn tlie Loan Agreemont_ (9 The term 'Project Execding Agency, vrherever it appears in the Loan . Regulations shall b€ substitded by the torm 'prograni Executing Agency'. ' Section l.02. Wherever us€d in this Loan Agreemenl, the several t6ms defirEd in the Loan Regulations have lhe respeciive meanings iheroin set forth unless modifled herein or the context othelwb€ requiros. Additionat ierms used in lhis Loen Agreemenl have lhe following meanings: 'Counterpart Funds' means the locat cunency generated trom the .Loan proceedg (a) under the Program and refered to in paragreph 6 of S;h-edul€ 4 to this Loan Agreement; (b) 'Deposit Accounf means thg accour{ refered to in paragraph 3 of Schedule 3 to this Loan Agreement; (c) 'El(rible lmporb' means the total imports of the Bonower dudng the relevanl period minus the following imports dunng lhe same period: (i) (ii) imports from count i€s which are not members ofADB; impods of inetigibte items spocmed in Attachment I to Schedule 3 tothis Loan Agreementi aM (iio imports financed by otfrciat internationat or bilatorat aid agencies or any other loans or grants made by AOB; (d) "Etigible ltems'means the Etigable lmports and seNices in connection with the dglivgry and installation ofsuch importsi (6) 'Loan DisbuBement Handbook, means AOB,S Loan Disbursgment Handbook (2012, as amended from time to tame): (f) 'MOESD' means the Ministry o, Economy and Sustainabte Devglopmenl of the Borrow€r or any successor lherelo; (S) 'MOF means the Ministry ot Finance of the Bonower or any successor lhgreto; (h) (i) 'NBG'means the National Bank of Georgia or any successor therelo; 'Policy Matrix'means the matix of policy actjons as agreed betx,een the Bonower and ADB and included as Attachment 2 to Schedule 3 to this Loan Agreement 3 al:官 p洲i爺 rm.に 問 a聞 ‖ い by he BOrclWer under me い。 「O be accOm口 ヽ yW思 ∬朧 l滉 都 調 咄 黒 辮 隠 出鶏3督梢躙 lttT篤)Program ARTICLE l: The LOan ° :ふ 淵 ぱ 龍 i計 器 晰黒 "SⅧ39 286.000) 協 調jghts(SDR 出者 冊洲 鵠 訛懲 、 鮮訃 晶 靴酬需瀞 淵i鷺 器撫脚悪 出棚』 S蕊 鴛 肥 鳳 電 鮒 器 脇 曲1占 鮮蝋鰐榊督電 。 し 0い い ・ 器 Li胤 ‖ 品 atte and any Oい sh訓 payabi電 aЮ e On an 15 NOVemberin eaCh year y on 15鵬 1『 器 i剛肌 兜t鷲 掘l群 岸 『Ⅷ 織 棚 湖誌 鵬 肥艦 よ a" 籍 m■PI部 服 淵獣 忠寵 W器 鑑鴫棚黒γttLI躙 。 ar ARTICLE:l: u30 0f P'OCeed● ●fthe L●an 肝 f肥 躙 訛蕉 缶 expenttl:雛 魁 F朧 酬 臨 鷺 =訃 鵠 ∬ 送 烏 轟11鴨騰蹴詣嬬撫l蝋 熙 需諧 u[ 4 vnぃ dra■ als from the Loan Account sha‖ be mado Only on account ot expenditures relating to Eligible ltems which: Sect,on 3 03 {a) are produced in and arc supplied from such member counlnes of lodai shatt ttave been specilied by ADB from trme to trme as elrglble sources for Proc0rement; and (b) meet such other eligibility requirements as shall have been speci'ied bY ADB trom tlme to time 3.04. The Loan Closlng Date for lhe purposes ol Seclion 8-02 other date as may from lime to ot ttrc Uoan niuuttni shall be 31 December 2014 or such time be agreed between the Bororer and AD8' Section ARTICLE IV Pllticulat CoYenant3 ln the carryrng out of lhe Program' ihe Bonower shall 4 to thrs Loan perform, or caLi!'io te porlormed, all obtigations set forth in Schedule Seclion 4.01. Agregment. The Borrower shall mainlain' or cause to be Eligible ltems financed out of maintainea, rei'ris-anJ-oocuments adequae to identify the progress of the Program' tfre proceJs ot tne loan and to record the (a) Section 4.02. (b) The Borower shall enable ADB'S representatives to inspect any retevant records and documents refened to ln paragraph (a) of lhls Sectron' As pari of the reports and Information referred to in or cause to be fumished' to Sedion 6.05 oii!'ioan Regulations, the Bonower shall tumEh request conceming the reasonablv and'intormation as ADB shall il",1sp;€ram. the targers and carryans out j,i.1l,ilrii!iij"i,i," or inctudrng the accomptishment Seclion 4.03. fiilil-;;; ot the actions set out rn the Policy Lener ARTICLE V EfrBctivenest to the Sedion 5.01. The following are speqfied as additional conditlons Loan ol 9'01(0 puaoses oJ Secton io"n Agreement fir th€ efiectiveness -th€- and been have shall nlil-.iiitJ"J, rrrt ordinary opjrations Loan Agreemenl -d.ulv..el99Yled all conddrons precedent io .ts efreciiveness (other Li"-n Jiit'! a6"o*", "no ofthrs Loan Agreement; shall have been fumlbd *"iiti"" ."qriti"g the effediveness Jite i'":ilH;; il* " 5 The followng is specified as an add(ional matter' for or the ourooses i-ieAron 9.02(O) ol lhe Loan Regulatons to be included rn lhe opnion has been Asreement io AbB: that rne ordrn;ry operations Loan :::"ilI;;.-i;;; ui, ano e,oo,reo and derivered on behalf of' the Borrower' and ir'";;itir,.o IliJ'Iiiiii'i"o ierms is Ggally hnding upon the Bonower ln accordan'e with its Section 5.02 Section 5.03. spedrrea ror fri-JfiJiveness Loan Regulations. A date 30 days after the date of this Loan Agre^ement is of the ol the Loan Agrcenent for the purposes of Sectjon 9'04 ARTICLE VI Mi3● 0:!aneou8 Section 6 01 The Minister of Finance of the BOrroWer is designated as represental ve ofthe Bo「 OWerforthe purpOses or Seclon l1 02 ofthe LOan Regulations The foltowing addresses are specified secton 6 02 of Sedion 11.01 olthe Loan Regulations: Forthe Borower Minlstry of Finance 16 Gorgosali Street.0114 Tb‖ isI Ceof91a FacSimle Number (99532)226146̀ Fo「 ADB Asian Development Bank 6 ADB Avenue Mandaluyong City 1550 Metro Manla Ph‖ ippines Facsimib Numbers: (632)636‐ 2444 (632)6362424 tor the punoses 6 測 %選出 留乱 n鰤 I t譜 :Ris=霊 P∽ 輌rst abOVe Wntten and tO be deliVered at the F:竃 革鵬:粘 継曝ΨばW希 日 I「 pnncipa1 0nce Of ADB ASiAN DEVELOPMENT BANK Country Oirec'lor Georgia Resident Mission 7 SCHEOULE I ocacaipdon ot tha Prcgaam The pnncipal objeclive of the Programmatic Approach is more effective domestic resource mobilization for increas€d public and private investment' The Proorammatic Approach compdses three subprograms and the Program is lhe llrsl Suirogram Tfre Program is dsscribed in more detail in ihe Policy Lett€r and tho Policy 1 Mat ix. 2. Th€ Program was completed on 22 September 2014. 8 SCHEDULE 2 Amo"山 ● ion Schedu,o lmprO゛ ng Domestlc Rooou=誦 hduJVe cromh PЮ ●腱 m̲ :〕粍 謝 ■ 「 Pavment of PlndDa Date Pavment Due 15 May 2020 15 November 2020 15 May 2021 15 November 2021 15 May 2022 15 November2022 15 May 2023 15 NoVember 2023 15 May 2024 15 NOVember 2024 15 May 2025 15 November 2025 15 May 2026 15 November 2026 15 May 2027 15 November 2027 15 May 2028 15 Novembe「 2028 15 May 2029 15 November 2029 15 May 2030 15 NOVember 2030 15 May 2031 15 November 2031 15 May 2032 15 November 2032 15 May 2033 15 November 2033 15 May 2034 15 November2034 15 May 2035 (eXpressed in Special Draung Rights)・ 982,20000 982.20000 982,20000 982.20000 982,20000 982.20000 98220000 982.2α )00 982.20000 982,20000 982,20000 982.20000 982.20000 982.20000 982,20000 982.20000 982.20000 982.20000 982.20000 982,20000 982,20000 982,20000 982,20000 982.20000 982.20C100 982.20000 982,20000 982.20000 982,20000 982,201100 982,20000 The a:rangelllents fOr panen1 0n subl‐ to the prov̀ons Of ttons 3 04 and 4 03 ofthe Lo8n Relu al ons Schedule 2 Pavment o,Plnc,pa Date Pavment Due rex。「essed in Special Dra■ no R qhts)・ 15 November 2035 15 May 2036 15 Nollember 2036 15 May 2037 15 NOVember 2037 15 May 2038 15 Nollember 2038 15 May 2039 16 November 2039 39,286,00000 TOTAL Th. arf.ngglE$ h. pt iEnt rlr afi'd to RGguldons. pn'viixu of s'dion' 3'Ot rd 4 o:) ol h' Lo'n 't' 10 SCHEDuLE 3 Withdrma:Of Loall Proceeds ExCept as ADB may othen″ ise agree,the folloMng provisions of this Schedule , sha‖ apply to the wnhdrawal of Loan proceeds trom the Loan Account 2 (a) An applicaJon for wnhdrawalfrom the Loan Account sha‖ be submited to ADB bythe BO「 Owerand sha‖ be in a form salsfadOry to ADB (b) 縮 :綿 SuCh WithdraWal app cations sha‖ be accompanied by a certificale of !蹴 鵠 讐 [葛 R翼 翠 緞 品 対 dunng Such year !:質 堂 =邸 溜 需 零 器 寵 l 籠濯 柵 瀧Ⅶ腫 ヽ 群揚 鮮蛛 鮮 魚][留群 轟信 。 「O Subm面nglhettD::翡 諸 鷺ξ 3Loan AccOunt,the 0 Pい :甜派 限 :L僧 卿 Bo「 :魃 囮 精1鵠 誌 棚 認 権 鶉 驚 憮 蠅 鼎 鰹 ￢ひ″er sha‖ nominale a l mma∝ ¨ dtt a∝ :子 瀧 蒸蹴綿il讐鏑鰹 魁勲 硼鯛 枯 濡 l昴 n鶴 :i「 ￨ 器 ‰i濡 : 毛 a譜 庁器 lj:￨;:illli:lill:譴 the opirlion of the audlors on the nnancialよ ]lilil::111111」 fuinished to ADB 慇 耀:淵 淵 品鑑 l蹴 認獄 翠器 棚 m悧 1 mula r。「 detemining E191ble lmports 4 Agreement The BOrCIWer may wthd「 ●W the Loan upon effediVeness of thiS LOan Attachment i tO SChedule 3 Noo.tiv. Litt No withdrawals will be made for the following impo s: ° 淵瑞鳳ξ ま 腑器 乱::糊 『肥吊 ζ :器 i鵬 犠 i出 酬穐箔 . ROv 3)Or any Successo「 grOups or sub‐ groups under future revisions to the sITC as des gnated by ADB by nctice to the BorrOwer Table:lno119ibl● ltems 112 Tobacco unmanufaclured; tobacco refuse 121 Tobacco, manufac'tured (whether or not containing tobacco substitute) Radioactive and associated materials Peads, precious and semiprccious stones, unwo'ked or worked Nuclear reaaors, and parls thereof, fuel eloments (caftidges)' 122 525 667 7fi7 718 欝 懲?1椰鷺1∬釧畢酬鰹 嘆iwhヾ he nり ° ° 語 踏 Ъ :鳳 謁 ♀ :]設 「 r goodS Sup● Od iom me rrow… お :」 ①酬酬 鳳 :ぼ 輌 麒濱僣 鰐轍輯i偶』僻鞣よ σ 面 呻Ю O酬 燎 淵 finance,including any Contract ina n. bra面 na″ nay purpose br (V) eXpendtures for narcolCS: ° 『 11繕n誦 高 肥 譜 讐 籠 l聯 1響躙1輔鮒鼎艶 m轍 稚諾勢 m.盟朧 。 出 ∬ 蒻酪 継 曲 ∬ 「is a partyi and d湯 ]賄 ,nited Nations 12 Attachment 2 to Schedule 3 Policv Mat門 X Pollcy Action! Subprogram l 2014 Subpro9ram 2 2015 Subpro9ram 3 2016 (lndiCative} (indiCativ● 〕 OutDut 1: lmp.oved Manaqement of Oebt, Cash and Fiscal Risk Strengthened debt and cash managemenl MOF approves intemal procedures manual for extemal bonowing for invostment project financing and budget suppon describing the scheme of process including roles of NBG, MOESO, Minisiry of Justice and the parliament for signing, ralifi calion and effeclivity MOF approves procedure manualS ror the processing ot public debt service, debt dala recording and validation tor efficient debt managemenl and monilo ng procgss MOF publish€s on ils web site: a) intormation on projoctrs and programs financed by external sources covehng total loan amounts, disburled amounts and reflecled in the state Budget and b) a statistical bulletin on public debt pre8enting MOF prepares and approves a Debt Strategy tor medium term debt MOF submits to parliamenl any required amendments to the public debt managemonl 169islation covering loan portfolio, goals end principles of incuning new dobl and issues of debt sustainability underpinning the Dobt Strategy MOF prepares an adaon dan to strengthen the Middle Ofilce (analytical) MOF strenglhens Middle Otlice wilh an upgraded debt managoment and rigk analysis system integrated with the ebudget and e-trsasury systems funclion of the PDEFD for advising on terms oftunding forgovernment pOecis and ovaluating public debt portfolio MOF aeports on l\4OF develops a guaranlees in govemmer('s financial systematic process for debt and loan guarantees recordkeeping, reporting and validation ovelall Performance, treasury securities issuances and transactrons on primary merkets I\,OF sets up a statements covedng ＾ ０ Attachmem 2 to SCheduに 3 dediCated anaメ ical funclion for cash flow forecasting w h adequate budget and personnel Strengthened management of fiscal risk MOF conducts an inventory indicating fiscal position of large SOES and their audited financial situation fuOF provides MOF establishes a dedicaled staffed and information on the debt oI SOES and budgeted functon to continqent liabilities of manage fiscal risks SOE9 and PPPS as a including contingent suPPlement lo the and liabilities ol sOEs state budget projec,ts PPP documents MOF develops a strate91c template for monlolng and deaing wnh a‖ types oi nscal lSk COnfronting the country MOF establishes procedures, assigns instiiutional r€sponsibilities, and sets aside adequate human and llnancial resoulces to monitor and advise on lhe manegemenl of the different types ol fiscal risk confronting the govemment MOF cariies out a first complete assessment of: (i) macro risk assessment (ii) externaldebt sustainability analysis (iii) review of risk associated with loan guarant66s and other similar contingent liabilities … MoF canies oul a tl6l complete assessment of: (i) financial sector risks (ir) assessment of fis..l nsks SOES 14 Attachment 2 to Schedule 3 Subprogram 1 and efiiciencY of i61i-ction procedures bY establishing a new dedicated and budgeted Administrative payers amounting to at least GELEO million for ihe cunent tax 'lear Oepartment GRS reduces the statulory time limitation of tax the reduce to sfategy notic€s and taxpayer statutory time limilation notices from 6 to 5 of tax nolices and years shortening tax laxpayer notices rncrementellY from 6 to 3 liability mposition p€nod providirE relief years to shorten lax GRS approves e liabrlty rmPG ron Period providing relief to taxpayers GRS approves an aclion plan to Phase out the Atteraative Audrt ProgBm and to increaso capacity of in-house audit, including in specialized seclors tax arreaB of defuncl businesses on the basis of legally approved categori€s GRS roduc€s the statutory tirne limitation of tax noti@s and taxPayer notices trom 5 to 4 years shortehing tax liability imposition period providing relief to taxpeyers to taxpayers GRS increases the numb€r of in-house tax auditors to at least 275 (from the cur6nt 230 out of wtrich 1 10 are GRS compl€les the phasang out of alternative auditors bY increasing the number of in-house tax auditors to at least 330 oul of whrch 150 rYomen), corespondingly decroasing th€ numb€r ol altemative auditors lmproved Public oxpenditure management All cash operations of MOF prepares LSGS and LEPLS the to amendments (except schools and for to allow code budget kindergartens) are llnances LEPL and LSG channeled through to be managed through the elgctronic PFMS and th6 TSA and the budgeting, budget their payments and execution and receipts throwh the accounting Processes TSA through ihe PFMS MOF Provides supplementary information on types and funding of capital projects in the state budget documents The relevant govemment agencles dentily gaps in the legal and regulatory preparation, aPPraisal and !mplementation The relevant govemment agencies prepare drafrs of regulalions to address any identilled gaps in the legal and r€ulatory framewori of public Pnvate ●︶ Attachment 2 1o Schedule 3 Policy Actions Strengthening of local government finances Subpro9ram l 2014 Padiament approves the Local Self Governance Code in February 2014 paving the vYay for refoms in inlergovemmental finances including capital transf€rs and specialtransfeG Subpro9ram 2 2015 Subprogran 3 2016 (lndicative) (lndicative) partnership projects and any required legal amendments Governmenl submits Govemment ensures to padiament proposals for amendments to the Budgetary Code defining the that inteeovemm€ntal transfets incroase in line with GDP growth or at least by GEL3G 40 million in the separalion of current budget year revenues among the budgets of state, autonomous regions and municipalities Output 3. EntranceO Genoration ot Domertic Savings MOESD, MOF and MOLHSA complete forecast of present and fulure cost of Universal Pensions under vadous scenaios using Prost Modeling and other approaches Staeamlining Univer$l Pension -Zero Pillar Establashing sustainable privele pension savings system with quasimandatory elemenlsHybrid or Joint Pillar (combination ot pill.rs 2 and 3) MOESD establishes a pension reform unit with adequate budget and slaffing and an interagency working group to devise a time bound action plan on designing a new pension system MOESD, MOF and MOLHSA submit to govemment pension syslem revisions which enaure oontinuity of equitable treatment Ior men and women MOESD completes analysis of the key areas of pension syslem desEn and structure, rncluding continued equitable irealment of men and women, and hybrid/ loint nature incorporating mendatory and MOLHSA and I,IOF submits to Cabinet for approvalthe overall policy on future Zero Piller Government approves the pension system ensure continuity ot equilable treatment of men and women MOESD develops and implements personified repoding, recordkeeping and individualaccount system to mako the new scheme operational 16 AttaChment 2 tO SChedule 3 i6li,,-tary dimensions MOESD issues a Public notifioation on the broad concept and direclion of pension reforms including mandatory and voluntary systems MOESD issues consensual PaPff on the nalure of hybnd pillar including issues like membershiP, contributions, tax considerations, benefits, gender, and relationshiPs with zero pillar 1錦 :f:1:晶 謝綸 Law on PenslonS fOr 癬 :露 f寓 冦 乳:耀 ic ° 「 辮轟MP to be introduced late「 MOESO submits to Cabinet for approval a stratGgy and timebound aclion Plan for pension reforms, including legal and regulatory gaps, data privacy and tax legislation MOESD and MOF develop approach lor public awareness programs for zero and hybrid./ ioint pillars, outlining specrfic measures for conlrnuiiy of equitable lrealment of men and MOESO comPletes the review of existing struclure of Privale pensions to incorporate any requtred c'hanges in the related legislation MOESO launches communication cempaign wth nation_ wide public awareness dnves on benefits ol hybrid Pillar, including gender agpecls MOESO drats amendmenls to the savrngs covering pnvate p€nsions and subm s to Parliament for approval 里 1讐 11' 17 Attachment 2 to Schedule 3 Policy Actions capital marketg for mobilzing long{erm finance Subpro9ram l 2014 Socioeconomic Development Strategy of Geoeia 2020 in June 2014 committing to policies to mobilize inveslments and develop llnancial intermediation Subpro9ram 2 2015 Subpro9ram 3 2016 (lndiCative) (lndiCative) public notificalion on the concept and direclion of capital market relorms, including corporate securities, expanding bond ma*et and money market instruments for secured interbank public awareness campaign on benefrls of capital mafiet reform plan including rnvestor protection, Ilnancral instruments for investment, long term savingg, gender aspecls and close link with pensions reforms trading MOESD completes Government tog€ther with NBG establishes an interagency working g.oup to devise a time bound action plan on cepilal market reform and development the review of laws, MOESO submils to Cabinel for approval a strategy and timebound action plan for capital market retorms, including addressirE legal and regulatory gaps and improving the structure and efiiciency of the markel infrastructure bylaws, regulalions on invesimenl governance, risk managemenl and fund managers essential for managing inveslments, includinq private pension savrngs ceptured in a policy brief MOESD contributes lo money ma el development by approving accounting and prudential regulations for repos and securities lending Enhancing a@ess to finance for small busin€9s financing and developmenl with gender targeting MOESD establishes the Entrepreneurship Development Agency with adequate staffng, work plan and budget of cEL11O million for MOESO allocates a budgel of GEL20 million lo the Enlropren€urship Development Agency MOESD allooates a budget of GEL25 million lo the Entrepreneurship Development Agency 2014-2018 allocating GEL'l9 million for 2014 MOESD establishes the lnnovation and Technology Agency with adeouate staffinq. work MOESD allocates a budget ofGEL6 million to the Georoaa MOESD alocates a budget of GEL8 mllon to the Ceorgia 18 Attachment 2 to Schedule 3 Policy Actions Subprogram 3 Subprogram 1 2011 Subprogram 2 20t5 (lndic.tivcl (lndicativo) plan and alloceted budgel of GEL20 million for 2014-2016 allocating GEL6 million for 2014 lnnovation and Technology Agency Technol€y Agency EDA (within its budget) establishes a concept for a malchirE granl facility and other EDA (within its budget) expands matching grant facility lor micro, small and medium-srzed €nterpnses by GEL4 million, depending on perfomance/ fund ulilization, with 3006 earmarked for women businesses flnancial Foducts for micro, small and medium-sized enterprises with GEL3 million with 20% eamarkod forwomen's busin$ses GITA (within its budget) expands GITA (within its budgoi) financial instruments establishes financial pnvate lo suppon like mini anstruments grants, matching grants sector innovalion and and innovation vouchers Ltechnology to support private sector I development wtlh I GEL3 million. innovation and technology development I dependrng on with GEL2 million. with I performanc€/ fund 20% eamarked for I utrlzatron, with 30'lo I earmarked for women women businesses businesses I I I Govemment I implements the $/hich ensures equal I qender aclion plan participatEn ot men and I and publicly repons women in economrc and J on resulls induded in I the p.ooram Policy business activities, equal panicipetion in I areas such as small professional and I business training and business educataonal J financing programs. special altention is paid to business trainings for women that will increase Govemment adopts Gender Aciion Plan. 2016 lnnovation and EDA (within its budget) expands matching granl facility for micro, small and medium-sized enterprises by GELs million, dep€nding on per{ormance/ fund utilization, with 40% tinancing earmarked for women businesses GITA (within its budget) expands financial instrumenls to supporl private sector innovation and technology developmenl wilh GEL4.5 million. depending on performance/ fund utilization. with 40% eamarked for women busrnea,ses Govemment implements the gender action Plan and publicly reports on results included in the pr€ram policy areas such as small business training and flnancing 19 Attachment 2 tO SChedule 3 SubprOgram l 2014 Poucy Actions SubproOram 2 2015 Subpr09ram 3 2016 (IndiCative) {lndiCative) to finance for female entrepreneurs -ccess 瓢 EU・ 欝綱 撫 欄郡 桑 βa j輔 静 需 漉 薫 朧楡I滋 響 Extenal Fin30■ n90epartment PPP・ TGasury Sngle Ac@ud :熙締野贔嚇I妻鷺指 publに ‐p● vate pai● o、 hip sOEs・ 20 SCHEDULE 4 Program lmpl.mgnt tlon 'hd Othgr ll'afrg.a lmdemsr ation Aranoements for The MOF shallbe the Program Executing Agency and- shall-be-resp-onsible 1. all $'lilh compliance mcluding the overall implementaton ol the Prog;ammatic nppioa-t'' be the shall MOESD MOF and ],* aaions. O,surrsements and marntainirE records' The 'iaptJa"nt'ng Approach "g"tt,"" for the Programmatc Th. Borrower shall lorm a Prcgram Steering Commtiee compnsing senior *l-lch shell be chaired bv tho Deputv Minrsl6r or in'","r" tro, ooin-,ti'r'i6i1"J r"lbeso tee wll meet semi'annually to revrew progress in ii"ii* if," ii"o,", Steering Comm ""0 , ,ii-i"ri-ng in" rgr"-"d porrcy adr6ns under the Programmatic Approach staffed and Bonov'r€r shall ensure that MOF and MOESO are adequalely The -n*"".ry 3. per{orm their to resourcea. financial. lechnEat and other ;;ovided wth tnl -;s Pr€rammatic the under exJcuting or rmplementN agences HJ#r"";;il"a for collaoirato wit'h MoF aid MbEso on the technrcal support ;ti;;"i iil;;;or the subprosrams subsequent and "toeelv ilT';lil ffiil;t'iir"iJ *Jii the second Programmatic APProach Policv Aclions and Dialoque r l. Th. Bdrower shall ensuro lhat all policy actions adopted under the Program p"'r'"v uainx' &ntinue to be in effecl lor the duration ro.ttr in tii.=p"Jili"it"i ""r Programmatac Approach' of the ""iir'" pohcy dtscussrons wth other implications lor th: i'p!:1:ll"tion of iluttitaterat ana uitaierat'aia agendes thai mav have v to comme on anv i;-^]l[,ti"i-",,-" eiproach aid shall provide ADB with an opporlun views before llnalizins into account ADB'$ do"o""i "r'urrtake any such proposal 5. The Bonower shall keep ADB hformed ol iil ;ffffi;il;;.*5;Llinu and rmplem€ntrng Use of CounlerDart Funds are used to support Bonower shall ensure that the Counterpad Funds The -rmptementatlon ot certain programs and adivities consistent with the inrnano ol ttre oblediv;s of the Pr€rammalic Approach 6. Govemance and Anli@ruotion ADB'snnticorruption The Borrcwer. MOF and MOESD shall: (a) comply^v'ilh thi. t""."1": Ao8 lhat icrnowte@e to aae) anJ lo. ioticv (1996. or corrupt' allesed anv "."no"o ""through its agenB -collusve and investigalron sulh 'raudulent. "i to m-e progr;n; andlui coo;rare witr any l',ir"ii"s tor itidaaory completon ol such investigatron' 7. l.i.ii..il-iirJrrl ["iirTi""iili ffJ#"ailt-"ll-"ii.y;sistance l9I 21 Schedule 4 Review 8. The Bonower shall carry out a review of lhe Pr€ram wilh the parlicipation of ADB for the design of the rcm.ining subprograms of the Programmalic Approach. The review shall talie into eccounl experiences faom Progralh implementation and recommendations from other ADB asslstanc€ to the Bono*?r rn the finance sec,or. The Borrower acknowledges that the review desctib€d in this peragraph does not obliget6 ADB to make loans for any further subprogram under the Programmatic Approach and that any further subprogram for lhe Programmatic Approach is subieci to ADB Board apProval' PRI〜 lE恥 lSTl:lt OF CEORC:A l8 ScpteEber20l{ Dcar President Nakao, Let me begin by thanking the Asian Dcvelopmcnl Esnk for its sEong and continued suppon !o Cco.gia's succcssful devclopment efforls in tha rcc€nt past. Our obj€.tive is lo emui€ sustained economic gmlrth that is compr€hensire ard inclusivc, and uniformly bcncfits citizons of thc counlry. The G€orgiah economy has gro*n by nca y 6% on avcrage annually &tween 2004 and 2012, although ir was no( uanslaled in eradicrion of poveny. After decliring by 3.87o in 2009, GDP hss rcboundcd to 6.1% in 2010, r ahing 7.2yo in 201l. In 2013, CDP 8ror11h slowcd ro an cslimsled 3.270 tom 6.20/o in 2012, l&gcly duc to a rcduclion in public inveslinents, as 6e govemmenl audited procurcmelt contracts and rationalized public outlays. Afte. peaking at l0% in 2008 inflation has becn contained in single digils, wilh consumer priccs falling by 05% in 2013. Public det4 whi.h hrd peaked at 42.470 of CDP in 2010, has been sl.adily declining lo a nanagcabl€ 14.4% of GDP in 2011. Forcign dinct inveslmert, \phich had rcached 3l.6 billion io 2008, fcll by mo.c than 5flo to an avemge ofs?00 million in 2009 snd 2010. Whilc invcstor confidcnce has not fully rccoverd io whar ir was prior ro thc conflict and global crisis, forcign billion per.nnum in 201l-2013, suggcstiflg dircct inve$rne has incrcssed steadily to about that confideDce is imprcving. The cumnt account deficit narowed significantly lo about 670 of CDP in 2013 &om I1.7% in 2012, as thc lrlde bslance improvcd substantislly, due to a stronS recovery id merchandis€ expons snd a drcrcsse in imports. lmproyed trade relstions promptod lourfold incrcrse in total €xpons to the Russian Fcderation. tl I The govemnent pojects grow$ ro accelsare to 5.0% in 2014. A higher gro\['th forc({.sl is probable due to numhr of f6ctors: the consolidated govemmcnt in power now is set to implemenl ils reform progrnm imd hiSher governmmt investment spending is likely to cnsuc. Therc is greater clarity in the policy and polirical cnvironmcnr, Ireatcr emphasis in sgricultur. and msnufactuaing sectors, snd coniinued stEngth in trade and tourism. lmprovemcnts in inveslor s€ntiment are acting as cstalysts to the reform agenda of the govornment. Civen lhis growth momenirm, rnainlsining gro*th st 6.0% ovcr20l5-2017 is an achicwble target- t Since 2003 the govemmcnt has implem.nt d a series ofstrucluBl and inslitutional reforms, still, more needs to done on struclural and instilutiooal fronl esp€cially on propeny rights, iusticc 6nd competition. Covcmmenr has shown a pro$css to deregulalc Uc economy, rEmovc burcaucrrlic baniers, ard combat mrnrprion, while stsenglhanint transparency and rc.ountrbility, Thc govcmmcnt has strcamlincd busincss licensing, rcduccd the size ofthe civil scrvicc, libcElizcd trade, simplified the lax syslem, and privatized governmcnt &ssets. As a tr rcsult, Bovemance and lhe business cnvironment impmved siSnificantly, rnd Georgias ranking in several intemational indices rose. Georgia.ank 8th among lE9 countries in the 2014 world Bank's Doing Businrss Rcpor! Factors rElatcd to business oFrations and privsl. scctor comp.titiven€ss arc csp$rEd in other intcmationsl i[dic€s, such as lhc World Economic Forum's clobol Competitiveness Repon (GCR) for 201,1-2015. The GCR ranks Georgia at 69 ou! of 144 countlies. Despile this laudable progrEss, the r€forms have not cntirely led to inclusive gro\a4h in Georgia, and gro\,1h has dot Icd to cr@tion ofsumcientjobs. The fiscal deficit narrowed to 2.6% ofGDP in 2013, compared lo 2.t% in 2012. Rcvenu€s fell by 1.7%, reflecting slolvcr groMh. Tolat expenditu.c also declincd by 1.7%. The Projecled fiscd dcficit at aDund 3.7% of GDP in 2014 aod even lcss than 3olo in lhe subsequent yeirs is a Ealistic target, given Fudent exPenditurc aalionalization and cutbscks in non_essenlial public spending. Such ; dcficil would be compatiblc with projections in inllation and GDP gro*'th, as no burdensome socisl liabilities will bc assumed. The 2014 Geneml covemmert budget cnvisagos alr increase in total revenues by 6.4% to CEL7.9 billion, while cunent cxp.oditures go uP ar€ projected lo incrcsse by ll.2oA lo GELT2billiorL snd total cxpenditure is planned to by about 12.670. Thc Bovemment inlends to finance the fiscal deficit fiom a numbcr of domestic and foreiSn finan;ing sources. This includes issucs of lre.$ry s.qrriiics in an amounl of GEu00-m,illion, lons+cr; inve$meot credits (predominantly for infrlstsucturc) estimated at atound GEL 600 milioll, and World Bank's Third compelitiveness and Growth Dcvclopment Policy loan in an lhst amouni of $92.7 rnillion. Thc Sovemmcnt has idcntified a shortfall ofabout GEL300 million proposed ADB'S inslilutions' will be financed on concessiorial terms from intcmational financial io Drosram loan of $75 million is expaated to bridgc lh'ls gaP. Thcsc borrowings are €xpcctcd end of20l3' at the sligirty increase public debt lo 35.6% in 20t4 from 34 4% ofCDP ceorcia is exDected to !,aduate from ADB'S concessional lending window from I January 2017 and ;e 2oli-2016 ebF country allocations will comPletc this borrowing oycle Georyis's clicibiliw for bonowinP on IDA terms oflhc World Bank ended in thc bank's fiscal yesr 2014 (l :uiv zotlt. tn March ,013, 6e It"lF Board 0pproved the rcmoval of Georgia from the lisr of co,inri". etigitt" for corcessional fi:nds. A-ording lo de IMF'S lasl Debt Suisinabiliry dcbt r6tio6 will not be siSnificsntly afitct'd cvcn urder Analysis (Ap;il 2ol2), Ccorgia's -not Pubtic exceed 60% of GDP. Totol Srois .xtemal deb! amounted !o iiutir. .i*ii,*lot and will Thc 62.3% of GDP in 2013, of which cxtcmal Public dcbt accounlcd for 26'E% of CDP' of 7E% to morc than public amounts debt weilht"d areog" inte,est !trte is only 1.9%. Eitemal of component The conmelcisl iorsi oublic ddtr 707o is denominated in fixed interest mtes. highly comprising (Eurobond), the rcmainder with .xteninl putUc a'.Ut amounls !o only lO% concessioosl muhil6tenl or bilsledl loans. a Thc govcmmedt is proactively responding lo lhc currenl challenges The govenment apProved i",rio"io-"-no.',i a""elopmeni stratefu (Ceorgia 2O2O) in Junc 2Ol4 that locuses on social O*in..t dcvclopmenr of c'corgk To addrcss largc unm€t social nc€ds' ihe tus inlroduced universal heahi insurance snd incrcased social sector fundinB iimilicantly. tte goremment increased pcnsions to GELl5o by September 2013 (close to lhc suf,sistence rninimim for workinB age mate), and aims lo implement comprehensive P€nsion ii"* *a ""r"-."nt i"io.^. ffr" govemment has midJsubsrondal etrorts to significantly imProve ihe business c[vionment and !o ensure a level plsyinS field for all busincss paricipants. The gov€mment has made pla$s to dcepen govemment dcbt ma*etE snd cxtcnded concessional crcdit to thousands of farmers and to new staltups ill lhe micro, small and medium size enlerprise (MSME) scctor wilh I particulor focus on women. This is in linc with thc 2014-2016 National Action Plan for Irnplcnentation of Gender Equslity Policy in Georgia thot binds thc govemtnent to Foactively scak gender equality in the economic field. Thc govemment has utrdertaken strucfural rEforms to qfiancc competitiveness. The govemmcnt implcmooted mcasures to strcngthcn compctition, and maintain a stsble and prrdictable bulincss cnviroDmmt to support long-tcrm econoruic Srowth. Thc comPetition agency h6s bc€n eslablished to oversee implemcni.tion of comFtition policics, and enforaement of compclilivc market practicas, The State Audit Oflice h.s ployad a stongcr role in the budget process snd public procuremanl has bem slrcarnlined. Thc Govcmmcnt idcntified limitcd scc€ss to financial tesouFEes as a criticsl obstacle to the countsy's e|conomic devolopment due to insuflicicnt ssvinSs and intemal resources aecessary fo! invcstments, and inadcquately dcvcloped financial inslitutions. To lhis end, the govemment has b€en implementing m@sures tecently to boost lhe MSME sector and incresse avsilability of ftnding to this sector. Two new agencies have bccn cstablish.d udder the Mininry of Economy and Suslainablc Development (MOESD) !o promote lmancial suPPor! development and casc markct entsy for small business6 as well as to supPort businesscs in adaPtstio! of DCFIA rcquircmenls 5nd cnhancencnt of expon potcntial. Thc EntscplencuGhiP Dcvclopmeot AScncy was establishc{ in February 2014 to promote develoPmen! of entrePrencudal culture and financially s[ppo.t slalt-ups duri[g thc incubation Pedo4 snd to help businesses inciersc thcir cxport poteoti;|. The Innovstion atld Tcchnolos/ Agcncy also cltsted in February.2ol4, pmmotei application of ionovalivc technologies in business activilies, and helps to iommcrcialize innovative R&D for a knowlcdSc-bas€d economy. Both agencies have s sP.cial gender focus by providing incrcased financing snd cntrcP.cneur traininS opponunilies to women's businesses. Anolher pmgram, 'Pmduce in Geo.Sia' b€gsn in Juoe 2014, with a bud8et allonnent of GEL46 million 6 p;vidc funding to slartups h agriqrlt rE and in oth.r sectors of thc econom, in 6n cflort b b;hler domestio production clpacity' Allhough the number of new businesses is quilo inpressive, thr share of MSMEs in GDP rcmains bclow 20%, a much smallcr share thin in the Egion. In rEclnt ycars, the govemment has nrdc Srcat stsides in imptoving pnblic financial msnageme,li processes and systems. These ioclude trc implementation of results_b'sed budgeiiog and'p€rformonce managcmenti lbc move to acc'ruals and IPSAS complisnt rePo(ing; improved tocai govcmmeni financing; and modcrn ftasury management' dlablishing stlongel liniogcs of trcasury wilh lhc debt managemenl Tax rEvcnues as a durr of GDP hav€ bcdl incrdsiog consistcntly from only 12.0% in 2003 to 21.6% in 200'1, sd 24.8'/o h 2013. Thc slate's dominan! role in the dispute rcsolution has b.€n cunailed. In 2014, the Ministry of Finance (MoF) intsoduccd int mtl proccdurEs for cxtcmal borrowin& snd incr€ascd dcbt information availabilily through reSular statislical bullctins snd axplaDalory notcs on public debt as part of lhc stalc budgct. Thc MoF enhsnc€d its tsx collection systems by upgradinS the analytical capacity oflha Revcnuc Servicc' A new Administrative DePaflmcnt \ltss eitablishJa in tte ncvcnue Service to strEngthcn tax aallecrion effons. The State Audit Office now plays a sEonger role in the budget proccss by asscssing the rcosonablcness 6nd legality of the statc budgcl.cvenues and expenses. Signilicant progress was made in thc formulalion of Ge Pmgram budget which underpins a disciplined budiet proclss. fie Brsic Dsta and Di!.rlioni (BDD), a comPEnion documcnt to the statc budget, presens govcmmcllt prio.ities and progmms within a 4-ycar rolling timcftame. The overall and sector strategies are, for lhc most p$t, cost and lranslated into exPenditure ceilings for each of the coming foff ycars. Thc gov€mmcnt teco8nizcs that thc quality of some public capital investmens has nol bdo ofarceptable st ndad' It has therefore begpn to idenlify gaps in thi regulatory framework for the preparation, aPpraisal, srd implemenlation of public and publG;rivat; paflnership (PPP) irvcstnert pojcrt5. Wc considcr close collaboration ofpublic and private partners in designioS lnd implementadon ofprojccts in the arca of intaslructurE end social scrvices to be critical for dclivering eficicntpublic serviccs. As the governmeot crnflonts dilferEnt types of fiscal rislq such as macro, debt' co inS€nt liabilitic;, SOE operations, financial scclor, and olh€r misccllancous risks, il plans to cstablish a dcdicati function to managc lhese risks. The €qualization formola for intergovemmcntrl transl.rs has bccn pu! in plec; hiShlighting diiecr linkage olvolume oftransfe.s to lhe economic d.vclopment strat;8y and Priorilies, but it necds to bc rcformcd and consistcndy finc-tuacd to maintaln a stablc macro-fiscal e[vironment. National accounting st ndards for the public sector clmply wirh IPSAS. Georgia's financial syst€m is reprcscntcd mainly by thc banking seclor, while c€pilal matkcB arc wilh-a srable nas&-nL The b&kio! systcm i; privotizcq wctt pilslizcd lnd sumcicnlly liquid in 2013' of CDP 64.4% a sharc of CDP amourled lo asset basc, Banking:system assits "s that the in 2013, showing &rsets ceoeia has 2l banti lhe op five banks controlled 76 4% of mskes which systen, insurance banki-ng sector is highly concentrated. Thcr. is no dcposit one oflhe has been sector c.o.nii an outlicr in ittireeion and intemalionally. The micofinance ss a negliSiblc privale pension funds Icmains fasres-t growing scctors of thie cconomy. The sizc of markct The stock unprofitablo. smre Jt COp] ala the Pivatc insursnce setlor is small and rernains underdeveloped. t The likclihood of opposition to disinErmediation is compounded in Georgia by the level of the conc€nration in rhe'banking sector since the mor! concentmted this scctor' the greate' for a need may be csoaciiv to deter bond markei development. Under lhesc circumstances there incresse lhe.iotal necd !o rtrl gou'.rnrn"n, ,o ptuy , more activ; supponing rolc. Therc is also a volulme of govcomcni uonds on issuc and consolidate oulstanding issucs \"ilh ariew to building is keen to anbsrk on I capital market developmeoi a benchmaik yield curve. The govemment -in legal snd rcgulotory &amework and imProving msrk€t proSram by adarcssing gaps infrastructure. The sovcmment has atso initiatcd pcDsion reforms Thc Principat focus is on $e introduclion of an icumtional mandatorv defined contsibulion pcnsion plar (Pillar Il), combined uith voluntar! pension anangemenls (Pillar ltt) The exisling univcrsal Pension plan or Pilltr 2ro will sl; bc ..vicwed lo ma]<e it compatible with lhc new schcme. Necessary amcndments to appЮ pnate legislation wnl alsO be introduced The cuttnt subSiStencc minimun for a working iate that thc univen受 l pension age male is sl■ 1larto ule Old age pension bcnent we Fu!ly app plan is a pO■ er価 l povcrty reduclion and prevention too:As such,wc v41i COntinue vnth our At● esamc lme,wc are cogr.17nnt oFthe nscJ prcssure and targeled stleLl assistance p∞ "応 sllstainabllity orthcsc benerlts in thc long run For this Eason,thc govcnlment will design a implement a retirement savinび plan WhiCh cKlmplcrncnls the public pension system nere are a number or pressing Challcnges Ccorgia needs lo address to improvc domestic resou∝ e mObiliation for inclusivc,owtt The legュ l and regulatory tamework to stlppo ,ved and ule curent pcnsion system dOes not i haketis small and thc corponte bond m"ket ゴ鯖椰離 酢i襦 職饗 ancial malkeヽ lack OF mst h the local culrency and inst"utions,and poor liquidity all combinc to conStrain lnarkct growtt RcFonns or thc mme° f・ ecttm"s面 にgcate,B"M饉 ¨ 調 :躙 ‖l肥 t編 響 T脇 鯉 宮 cllme mrke、 6nd managers would be forced to invesl b FoEign curency g in 2013 a 棚嗽事 需 酬常」 ●e nwlber oFpensioners is siablc and hcttsing● 淵 鮮鸞:編肥∬晟 爵野部露鯨『 ∬ 乱棚 籍棚 珊 品 鵠l蹴:T流計襦霧 Tlよ 朧 出 榊 欄 驀ギ譜 熙 鱗 【 Civcn thc ageing population・ 1ま POtenual contrlbutions to a pcns10n plan 霧獣 譜ぎ 棚蹴 鶴 」 欄 躙 魃 靱■ 燃劇、 ng rcOvcmme 。 fぃ t島 器、 器 出 腎 艦 雛 測 l器 露『 鰐 i:島 m● 鮒 鮒 瀾 鰤醐軸輔鰈 to link the debt and cash nanagcmcnt sys"m to dalon,and thc movc tOル 11 8CCruals and IPSAS compliant rep● Iting 鷲嶽舗 悪驚1鸞蒻 靱 bLdget ne Wond Ban、 ADB and EU havc provided budget support to Ceorgi&nC WOrld Bank hes spprcved on 26 June 2014 rhe third c.mptitiveness alld gor.'th developm.nt policy operltlon in Gcorgia in the amount of S9.7 millioll, lhe lan in a scries of thrcc DPOs, to slrengthcn competitivcness and impove social aDd fiscal outcomes. Thc EU h&s undetbkcn macro-finsncial managemenl, cxcoptional fiMncing and seclo. budgct suppo[ oPemtions. OD 6 May 2014, th6 EU has announcad a suppon psckagc for Gco.gia of €30 million, which is focuscd on modcmizaiion of public innitutions linkcd to thc implementalion ofthe Association Agrc.ncnl, competitiveness of rural business and Eade opponunities wi$ rhe EU. h 2014 Ceorgis has 8 ncw progftun with lhe tMF to bonow in thc afiount equivalent to CEI,60 million. The IFC and lh€ EBRD are aclive finsnciers oflhe private sector, wilh Particular focus on commerciol banks, agri-processing, rctail opcrations, ond Gnewable cnergy. The proposed program 6ims to improvc domc$ic resoucc mobilizstion to help achieve incltlsivc growth in Giorgia- Thc pro8ram suPPolts mone cmcient rcvenuc and publk expelditurE i,-ug"m"nq gsnemtion of domestic savinSs, and nobilization of Private rcsourc€s for invesinent- Iniquality of incorne and opportunity will bc addEssed drough thc rcdinributivc role of fiscal policy in desiglin& for cmmPlc, tax, social Proleclion and public sP€lding messurcs. Thi program wili assist the Sovcmmcot in msinlaining macroeconomic sub-ility' sEsmlining pubjic spcnding and cslablishing ncccss to finlncc. These ef[ods to faoilihte investrnent sre accompanied by measurEs to fudher slrenglhen public finanoful management through improvcd accountability and SrEate! transparcrcy ofthe govemmaot's fiscal accoutlts' Th! progrsmmstic approach and associatcd policy-based loans will finance three subprograms to be impicrncntcd fto; 2014-2016 iII the amount of $2oo million equivalenl we derply appreciate lhe support of ADB in lhe irnPlemcnhtio[ oflh€ stmtcgic lctions outlined above. Wc are looking forward to our cootidued suc.rssful panncrship with ADB, including in $e contcxt of thc prois€d policy bssed program on irnproving domcslic ..sourEc mobiliz,tion for inclusil€ groMh. Mr, President, I take this opportunity to cxtcnd my cstcamed rcgards. Sincercly, Iralll Grribsshvili Mr. TekeLiko Nakro Pnstdeot of th€ Asisn Developmert B.nk (ADB), Chrirpersor of ADD'S Bo.rd of Dlrtctori Matrdoluyong CIty' Philippinej CCr Pe E.nent Mission ofth€ A3i.n Develophent Brnk io Gcorgi. N31782