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EBRD strengthens activities in the Caucasus
Tbilisi office becomes regional hub
The EBRD is strengthening its activities in the Caucasus by establishing a
regional centre in the Georgian capital, Tbilisi. The Bank aims to build on
its successful portfolio in the Caucasus countries, which has expanded
significantly in recent years under the Early Transition Countries Initiative.
The regional office will be headed by Michael Davey, EBRD Director for the
Caucasus, Moldova and Belarus.
Georgia was chosen as the site of the hub because of its favourable
geographical position. “It is important to be close to the people and to our
projects. From Georgia one can easily drive to Armenia and Azerbaijan or fly
to Moldova”, said Mr Davey.
To mark the opening of the regional office, EBRD Business Group Director
Olivier Descamps will visit Georgia on 25 September and meet President Mikhail
Saakashvili, Prime Minister Zurab Noghaideli and representatives of the local
business community. The EBRD’s portfolio in Georgia has grown strongly since
the launch of the ETC initiative in 2004.
The EBRD’s Early Transition Countries Initiative (ETC) whose main objective is
to increase the Bank’s impact and its reach in ETC countries which currently
include Armenia, Azerbaijan, Georgia, the Kyrgyz Republic, Moldova, Tajikistan
and Uzbekistan uses a streamlined approach to financing medium scale private
sector enterprises. The ETC is aimed at mobilising more investment, and
encouraging economic reform. The programme has been growing rapidly: It has
increased from 18 projects worth €53 million in 2003 to 61 projects worth €250
million in 2005, with donor funds playing an important role as catalyst for
investment.
The EBRD, owned by 60 countries and two intergovernmental institutions, aims
to foster the transition from centrally planned to market economies in central
and eastern Europe and the Commonwealth of Independent States. Visit the
EBRD’s website: www.ebrd.com
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