EBRD President Chakrabarti ends visit to Georgia

By Loretta  Martikian

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Tbilisi, capital of Georgia

EBRD President Sir Suma Chakrabarti has visited Georgia for meetings with the government and to participate as a guest at the Investors’ Council on his current tour of the Caucasus.

During his third visit as EBRD President Sir Suma met the Prime Minister Giorgi Kvirikashvili, Deputy Prime Minister and Minister of Finance, Dimitry Kumsishvili, Minister of Energy, Ilia Eloshvili, Minister of Economy and Sustainable Development, Giorgi Gakharia, and the Minister of Justice, Tea Tsulukiani.

The discussions focused on ways to further strengthen Georgia’s economic performance.

A key element for the country’s economic performance is continuous improvement of the business environment. In this regard, President Chakrabarti had the opportunity to attend a session of the Investors’ Council, a platform for public-private dialogue.

The government of Georgia and the EBRD established the Investors’ Council in May 2015 during the Bank’s Annual Meeting, which took place in Tbilisi that year.

Praised at its establishment as a “milestone” by President Chakrabarti, the Council has assumed a leading role in improving the investment climate, encouraging the development of the private sector and promoting good governance in Georgia.

Concluding his most recent visit to the country, the EBRD President said: “We are very grateful for the good and successful meetings we had with the government of Georgia. What we could sense is a joint determination to work towards further improving Georgia’s economic performance. This is also illustrated in the EBRD’s high volume of investments.

"Already the country is one of our largest partners in terms of GDP per capita, and after a record year in 2016 with close to €250 million of new investments we are on course towards an even stronger result this year.”

The EBRD approved its latest country strategy for Georgia in December 2016. It defines support for the competitiveness of the private sector, development of the local capital market and regional expansion of local companies as the Bank’s priorities.

The EBRD is also working very closely with the European Union, through EU4Business credit lines, in the framework of the Deep and Comprehensive Free Trade Area, which Georgia joined in June 2014.

To date, the Bank has invested a total of €2.8 billion for 205 projects in the Georgian economy.

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