Investment Councils in Selected ETCs: Georgia



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PSD disclosed:

12 Mar 2021

Project Description


The Investors Council of Georgia (IC) is one of 12 Investment Councils currently supported by European Bank for Reconstruction and Development (EBRD or the Bank) as part of the Bank’s Investment Climate and Governance Initiative (ICGI).

The IC in Georgia wasestablished in 2015 as a public-private dialogue initiative following extensive consultations with the Government, as well as with the private sector and donors/IFIs, auditors, lawyers and consultants in Georgia.  These consultations ensured that sufficient political will and buy-in was in place to launch an IC in Georgia focused on improving the business climate.

The IC acts as an independent advisory body to the Prime Minister of Georgia, with the objective of promoting dialogue between the business community, international organisations, donors and the Government of Georgia for the development of a favourable and transparent business and investment climate in Georgia. The role of the IC typically includes identification of the main impediments to businesses and investors in different sectors of the economy; formulation of intervention strategies to address these constraints and maximise their impact; reviewing and evaluating relevant draft legislation and proposing changes accordingly. The IC continues to be widely regarded as the most effective platform for bringing the state and private sector together in Georgia to discuss regulatory and legislative constraints and solutions to improve the business climate in Georgia. There is strong interest from the business and international communities to participate in the Council, with a number of new business associations requesting membership. Council meetings are also regularly attended by key embassies, including the US and the UK, which plays a particularly active and important role and maintains close contact with the Secretariat.

The IC is supported by a Secretariat whose staff provide expert economic and legal analysis and advice to support the work and deliberations of the Council and ensure regular formal and informal communication with members.

The IC has been playing a key role in supporting businesses and the Government in responding to the economic impacts of the Covid-19 pandemic. From the onset of the pandemic, the IC Secretariat initiated a number of activities to assist the Government and businesses. Upon request of the Government, two surveys on the impact of COVID-19 on the economy were conducted, with more than 2500 companies participating. The results provided the foundation for the government’s initial crisis response.  The ICS is also supporting the government to design a medium-term strategy for economic recovery. Looking ahead, the IC is expected to continue to play a central role in facilitating dialogue between the Government and private sector, which will contribute to restoring confidence in the economy for investors, strengthening the business environment and addressing medium and longer-term challenges faced by businesses as a result of the pandemic such as debt restructuring, organisational changes and insolvency procedures.

TC Services

The objective is to provide continued funding for the Investors Council Secretariat to equip it with professional staff and other resources required to ensure the effective functioning of the Council.

The key functions of the ICS are to:

• Promote constructive dialogue and consensus-building between government and the private sector on the necessary steps to address the most pressing issues for the development of the private sector and improve the business climate in general and to foster domestic and foreign investment.

• Identify the main impediments to the business environment in different sectors of the economy and proposing intervention measures with efficiency and maximum impact for the business environment and investment climate.

• Discuss proposals for relevant changes to the legislative or regulatory framework to address these identified impediments.

• Facilitate the exchange of experience and best practice from other countries in the regulatory reform promotion process to contribute to the delivery of the IC’s objectives.

• Initiate awareness-raising activities: keeping the business community informed on the reform processes, enhancing public awareness on the reforms undertaken through the Investors Council;

• Co-operate with donors operating in business environment improvement, sharing and exchanging expertise and information on ongoing projects.

• Playing a key role in supporting government and businesses respond to the economic challenges posed by Covid-19.

Any competitive selections for business opportunities relating to this project will be published on the EBRD's website: Consultancy Procurement Opportunities.

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.

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