Georgia’s external debt increased by $703 million in 2025, reaching $9.3 billion by the end of December, according to statistics published by the Ministry of Finance.
The rise in debt is largely linked to new loans, including a major $360 million agreement with the Asian Development Bank for the Batumi–Sarpi infrastructure project. Additionally, currency fluctuations contributed to the increase. Approximately two-thirds of Georgia’s external debt is denominated in euros, and the strengthening of the euro against the U.S. dollar last year – from $1.04 per euro in 2024 to $1.18 in 2025 – increased the debt’s value in dollar terms.
Among Georgia’s creditors, the Asian Development Bank remains the largest, with $2.56 billion in outstanding loans. The World Bank follows with $2.3 billion, while the European Investment Bank accounts for $1.2 billion.
Most of Georgia’s external borrowing is directed toward large-scale infrastructure projects, including transportation, energy, and regional development initiatives.
