European Investment Bank Promises to Double Investments

TBILISI - The European Investment Bank (EIB) plans to double its investments in Georgia in the coming years, EIB Vice-President Laszlo Baranyay said in a statement following his meeting with Georgia’s Prime Minister Giorgi Kvirikashvili on Thursday.

Their meeting, held at the Administration of the Government of Georgia, is said to have touched upon the infrastructural projects funded by the EIB and prospects of further cooperation.

“Today, our investments in Georgia amount to over EUR 700 million and we plan to increase this investment in the coming 2-3 years,” Baranyay said, highlighting that Georgia is the most stable country in the region in terms of economy and politics.

“I believe that the Georgian people are well aware of the active cooperation between the EIB and Georgia, as well as of the EIB's partnership with its economic representatives in both the public and private sectors,” the EIB Vice-President said.

EIB activities cover economic and infrastructural areas, including support of small and medium-sized enterprises (SMEs) and cooperation with several Georgian banks.

Baranyay said that various methods of intensification of cooperation, including in the areas of education and social infrastructure, were introduced at the meeting with the Georgian PM.

Kvirikashvili, in turn, presented the Government's four-point reform plan to the EIB Vice-President. Particular attention was paid to ways to implement infrastructural projects and the importance of EIB support in this area.

By Thea Morrison