Georgia’s Minister of Finance Meets with EBRD First Vice President

Dimitry Kumsishvili, First Vice Premier, Minister of Finance of Georgia, met with Philip Bennet, European Bank for Reconstruction and Development (EBRD) First Vice President, while attending the annual EBRD meeting and a business forum in Nicosia, Cyprus.

During the meeting, Georgia’s Finance Minister noted the significance of the activities of the EBRD in Georgia and their importance to the country’s economic development. The EBRD being actively present in energy, municipal infrastructure development, and the banking and agriculture sector, with overall 200 projects being realized which amount to EUR 3 billion, an investment of EUR 250 million in 17 projects over the last year alone. The EBRD is considered one of the major financing bodies of the private sector in Georgia.

“The issuing of denominated Eurobond in Lari by EBRD is crucial for Georgia’s economy,” Kumsishvili said.

The impact of EBRD in the directions of developing capital market, the deposit insurance system and public-private partnership were also highlighted during the meeting, as the parties discussed the ongoing and upcoming EBRD projects in Georgia, the Four Point Reform plan initiated by the Government of Georgia, and its goals and objectives, which, according to Finance Minister, fully comply with the EBRD four year strategy for Georgia.

Nino Gugunishvili