EBRD Promises €300 million Investment to Georgia

The European Bank for Reconstruction and Development (EBRD) President, Sir Suma Chakrabarti, said the EBRD plans to invest €300 million in Georgia this year.

The statement was made at a meeting with Georgia’s Prime Minister, Giorgi Kvirikashvili, held on January 20 in Davos, Switzerland, within the framework of the World Economic Forum 2017.

Increasing investments in Georgia, incentives for the private sector, and prospects for developing the business environment were the key issues of the meeting.

Moreover, the sides discussed the role of the EBRD in the development of Georgia's economy and the ongoing EBRD investments in Georgia. It was emphasized that in 2016, EBRD invested a record-breaking amount of around €250 million in Georgia.

The Georgian PM introduced the government’s Four-Point Plan, which envisages modifying Georgia's income tax rules, improving governance, accelerating infrastructure projects and developing education.

Chakrabarti responded by confirming that the EBRD supports Georgia's ongoing reforms and plans to increase its investments and financial assistance in the future.

“The cooperation of EBRD and Georgia is very strong,” the EBRD president said at the meeting. “And the plans for 2017 are even stronger. I hope to get around €300 million into Georgia this year- so this is clearly a very good relationship, and it is not just about investments. It is also about trying to change policies, which will make Georgia even more attractive for investors.”

The World Economic Forum 2017 was held on January 17-20 and gathered political leaders, economists and heads of almost 1000 large companies and organizations to discuss global, regional and economic agendas for the coming year.

Thea Morrison