EIB Promises to Double Investments in Georgia

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

According to Kvirikashvili’s press office, the EIB plans to double its investments from the current 700 million euros over the next 2-3 years.

Baranyay was quick to point out that Georgia is the most economically stable and business friendly country in the region in terms of its economy and politics.

“Georgians are well aware of the active cooperation between the EIB and the Georgian government’s representatives in both the public and private sectors,” Baranyay said.

EIB activities in Georgia currently cover economic and infrastructure projects, including support for small and medium-sized enterprises (SMEs) and cooperation with several Georgian banks.

Baranyay noted, however, that the ongoing close cooperation could be intensified in the fields of education and social infrastructure.

At the meeting, Kvirikashvili presented the government's four-point reform plan to the Baranyay, with the core tenets focusing on new methods of implementation for infrastructure projects and the importance of EIB support.

The EIB has said it will actively support Georgian government’s reform plans and pursue closer cooperation in the coming years.

By Thea Morrison

Edited by Nicholas Waller