close
Parking facilities

Georgia Capital: AfDB grants $ 10 million loan to develop affordable housing projects in Georgia

AfDB provides $ 10 Million loan to develop affordable housing projects in Georgia.

The Asian Development Bank (ADB) and Optima SARL having signed a $ 10 million ready to develop affordable and sustainable residential developments in the Georgian capital, Tbilisi.

The loan will finance two residential complexes, providing more than 3,700 affordable and energy efficient apartments for low to middle income people. This is the AfDB’s first private sector housing project in the South Caucasus and Central Asia. Optima is a subsidiary of m2 Group and Georgia Real Estate (GRE), one of Georgia’s leading residential and commercial real estate companies.

” The project aims to modernize affordable housing in Tbilisi by incorporating inclusiveness into design and adopting accessibility and gender responsive standards, ”said AfDB Private Sector Operations Department Director of infrastructure financing for South Asia, Central Asia, and Western Asia Shantanu Chakraborty. “These housing developments demonstrate how the industry can generate quality, affordable housing for low to middle income communities in Georgia and throughout the region.

“The apartments will be affordable, energy efficient and well constructed, providing decent accommodation for the elderly, people with disabilities, women and children,” said the AfDB Country Director for Georgia Shane Rosenthal. “The ADB loan is part of our ongoing commitment to the development of livable cities in Georgia. ‘

Over 80% of from Tbilisi apartments were built during or before the Soviet era. The old residential blocks lack recreation areas, parking lots and elevators. Accessibility to public spaces for the elderly, people with disabilities, women and children is also substandard.

In 2019, the city government unveiled an urban plan to promote sustainable urban development, land use planning and inclusive infrastructure. The government has created gender adviser roles within its urban development and environmental protection departments to promote gender responsive designs for open spaces in the city.

“We are honored that this is the first affordable housing development agreement in the region for the Asian Development Bank‘, said the CEO of the m2 group Nikoloz Medzmariashvili. “The loan will provide medium-term financing for affordable housing projects in Tbilisi. It is important to note that the design has been improved to achieve better results in terms of energy efficiency and accessibility. ‘

GRE is a 100% subsidiary of JSC Georgia Capital, 100% owned by Georgia Capital PLC. Georgia Capital PLC is an entity registered on the London Stock Exchange.

AfDB is committed to achieving a prosperous, inclusive, resilient and sustainable environment Asia and the Pacific, while continuing its efforts to eradicate extreme poverty. Created in 1966, it belongs to 68 members including 49 from the region.

Media contact

Larkin, Jean Gerard

Senior Communications Specialist

+63 2 8632 6618

+63 999 999 6618


Source link

admin

The author admin