EBRD adopts new country strategy for Georgia

Published in Economics
Tuesday, 21 December 2021 12:22

The European Bank for Reconstruction and Development (EBRD) has adopted a new country strategy for Georgia for 2022-27, with three key priorities:

Enhancing the competitiveness of Georgian companies

The EBRD stands ready to help companies, including small and medium-sized enterprises (SMEs), boost their productivity and resilience by enhancing their competitiveness and improving their access to finance, for instance, through investments in digitalisation. The Bank will also continue its work to deepen the local capital market to provide companies with a wider variety of financing options.

Promoting inclusion and regional development

The Bank will step up its efforts to support access to skills development, especially for young people, women and other marginalised groups, supporting job creation, also in regions outside the capital, Tbilisi. Better access to finance and essential municipal services for regional populations is a key focus of the EBRD’s work.

Supporting Georgia’s green economy transition

The EBRD is well positioned to help accelerate Georgia’s green economic transition by supporting initiatives to reduce greenhouse gas emissions and increase the use of renewable energy. Based on the EBRD’s Green Economy Transition approach and building on its strong track record in this field, the Bank will combine investments in renewable energies with policy engagement. It will support the reform of state-owned enterprises, including greater energy and resource efficiency, and continue to expand its Green Cities framework.

Georgia has made great efforts in recent years to advance reforms and create a sustainable market economy. The new EBRD strategy will support the Georgian economy, significantly affected by the Covid-19 pandemic, in its recovery and further development.  

The EBRD is a leading institutional investor in Georgia. Since it started operating in the country, the Bank has invested more than €4.53 billion in 269 projects in the financial, corporate, infrastructure and energy sectors, with 78 per cent of these investments in the private sector.

By This email address is being protected from spambots. You need JavaScript enabled to view it.

Source: https://www.ebrd.com/news/2021/ebrd-adopts-new-country-strategy-for-georgia.html

 

Read 453 times

Related items

  • EU and EBRD support issue of US$80 million green bond on Georgia’s capital market

    The European Union and the European Bank for Reconstruction and Development (EBRD) have announced the first winner who will receive a grant through their capital market support programme. 

    Georgia Renewable Power Operations’s  (GRPO) US$ 80 million green secured bond will become the largest transaction, as well as the first ever green bond issued on Georgia’s capital market.

    The company will receive a contribution from the European Union to co-finance issuance related fees, and the support mechanism will be implemented by the EBRD.

    “I believe the programme will catalyze green and sustainable bond issuances in the country and incentivise renewable energy developers to align with high Environmental, Social and Governance standards. We are extremely proud to be pioneers in this regard and to contribute towards the development of the Georgian renewable energy sector,” said Nuka Mshvidobadze, GRPO’s chief financial officer.

    The EU-funded Capital Market Support Programme aims to facilitate capital market development in Georgia, through the implementation of educational activities as well as the support mechanism.

    Find out more

    Press release

  • Irakli Garibashvili, Prime Minister of Georgia Holds Online Meeting with Odile Renaud-Basso, President of EBRD

    Irakli Garibashvili, Prime Minister of Georgia held an online meeting with Odile Renaud-Basso, President of the European Bank for Reconstruction and Development (EBRD) today. Dignitaries spoke about the successful cooperation and avenues of future interaction between Georgia and EBRD.

    The Head of Government of Georgia noted that EBRD is not only a loyal partner of Georgia, but has had a great contribution in the democratic development of the country. Most significant role of the EBRD in addressing the difficulties witnessed in the post-pandemic period was noted at the meeting.
    Dignitaries also discussed the specific directions of sectoral cooperation, including the energy security and energy independence of the country, projects of regional importance aimed at the increase of power energy generation through exclusive green/renewable sources, Black Sea connectivity, various infrastructure projects, economic and structural reforms, strengthened role of the private sector, human capital and other.
    The Prime Minister of Georgia expressed hopes towards continuing the existing fruitful cooperation. It was noted that support of the EBRD is priceless in the funding of priority areas of the country.
    EBRD has so far invested over 4.9 billion Euros through 270 projects in Georgia, out of which a lion’s share is concentrated in the private sector of the country. Georgia is one of the largest beneficiaries of the EBRD.
    Meeting was attended by the following officials of the EBRD: Klara Krol, Member of the Board of Directors Representing the Czech Republic, Hungary, Slovak Republic, Croatia and Georgia; Thomas Revial, Director of the President’s Office; Matteo Patrone, Managing Director for Eastern Europe and the Caucasus; Catarina Bjorlin Hansen, Regional Director for the Caucasus; Oleksandr Pavlyuk, Associate Director and Senior Political Counsellor; Tea Melikadze, Senior Banker; Francesca Foglia, Adviser in the President’s Office; David Managadze, Principal Banker for Power and Energy; Nina Davitashvili, Moderator of the Meeting. Georgian attendees included: Levan Davitashvili, Deputy Prime Minister and Minister of Economy and Sustainable Development; Lasha Khutsishvili, Minister of Finance and Revaz Javelidze, Head of Government Administration.
    Press Service of the Government Administration
  • EBRD commits up to €3 billion to Ukraine

    The European Bank for Reconstruction and Development (EBRD) will commit up to €3 billion over 2022-2023 to help Ukraine’s businesses and economy keep functioning.  

    On a visit to Kyiv, EBRD President Odile Renaud-Basso told Ukrainian President Volodymyr Zelenskyy of the Bank’s determination to support Ukraine while it defends itself against Russia’s aggression. 

    Since the invasion began in February, the EBRD has committed more than €1 billion, and aims to triple that figure by the end of 2023. Its primary focus will be to support the “real” economy – maintaining energy and food security, restoring rail infrastructure, and supporting the pharmaceutical industry.

    EBRD investment has already been made into Ukraine’s electricity company Ukrenergo, as well as providing up to €500m liquidity support for ‘Naftogaz’, the country’s main gas supplier. Discussions are also underway to scale up funding for urgent repairs of the electricity grid and to support municipal authorities in Kyiv, Lviv and Dnipro, says the EBRD.

    EBRD investments are backed by donors or guarantors from EU and G7 countries, including the US. Norway recently pledged  €200m in support. 

    Find out more

    Press release

  • Irakli Garibashvili, Prime Minister of Georgia Meets Praveer Sinha, CEO of Tata Power

    Irakli Garibashvili, Prime Minister of Georgia met Praveer Sinha, Chief Executive Officer (CEO) of Tata Power today.

    Dignitaries reviewed the large investments carried out and intended in the energy sector of Georgia, along with prospects of future cooperation.
    It is worth noting that together with a Norwegian Clean Energy Invest AS, Tata Power is an owner of Adjaristsqali Georgia LLC (AJL). It is the largest investor in the energy sector of the country. Company has invested over 550 MLN UISD in the construction of cascades at Shuakhevi Hydro Power Plants (HPP) with a capacity of 187 MGWT.
    Shuakhevi HPP will increase the generation of power energy by almost 5% in the country. It will increase the energy security of Georgia and facilitate the quest towards energy independence. Project is funded by the following 3 largest financial institutions: European Bank for Reconstruction and Development (EBRD), Asian Development Bank (ADB) and International Financial Corporation (IFC) of the World Bank Group (WBG).
    According to the Head of Government of Georgia, large-scale projects implemented in the energy sector of the country ensure energy independence and security, which will stimulate the economy and create new employment opportunities in Georgia.
    It is worth noting that over 1000 individuals were employed in the construction phase of Shuakhevi HPP, out of which majority were local residents, while almost 100 people are currently employed in the operation phase.
    Tata Group is one of the leading companies of the world, which operates in 100 countries of 6 continents. It employs 935 000 individuals worldwide. Tata Power is one of the largest companies within the Tata Group.
    Press Service of the Government Administration
  • Georgia: EBRD and EU to unlock funds for locals firms through Bank of Georgia and TBC Bank

    European Bank for Reconstruction and Development (EBRD) President Odile Reno-Basso, on a visit to Georgia, has signed agreements with two Georgian banks on loans to local small businesses.

    The EBRD will provide new US$ 20 million loans to Bank of Georgia and to TBC Bank to help local firms across the country increase competitiveness and invest in upgrades, including green technologies. 

    This funding comes under the EU4Business-EBRD Credit Line – a flagship programme that enables borrowers to enhance production and trade more successfully on the international market, as well as advance environmental practices.

    MSMEs can access funds in local currency and benefit from incentive grant funding, as well as technical assistance from international advisers, funded by the EU under the EU4Business initiative. Georgian companies will be able to improve their productivity, competitiveness and working environment for their employees.

    Find out more

    Press release on the loan to the Bank of Georgia

    Press release on the loan to the TBC Bank

Business News

Silk Road Tbilisi Forum 2015 has started

Silk Road Tbilisi Forum 2015 has started

Silk Road Tbilisi 2015 forum started today. Following the success of the inaugural Routes Silk Road...

Agreement between SES and GEE

Agreement between SES and GEE

A new multi-year agreement was signed between worldwide satellite operator SES and Global Eagle Ente...

Visa free regime to impose for 15 February

Visa free regime to impose for 15 February

The visa regime imposed by Georgia to Iran has been cancelled for 15 February,” -the Deputy Ambassad...

USA to allocate 63 million US dollars for Georgia

USA to allocate 63 million US dollars for Georgia

U.S. Department of State to allocate 63 million US dollars for Georgia. According to the budgetary d...

MOST READ

« December 2022 »
Mon Tue Wed Thu Fri Sat Sun
      1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31  

About

The News Agency,
NEWSDAY.GE is
a part of STARVISION
Media Group.
It made its first
appearance on the Internet..More

 

Contact

NEWSDAY Ltd.
Lechkhumi street.43

Georgia,Tbilisi

Phone: (+995 32) 257 91 11
E-mail: avtandil@yahoo.com

 

 

 

Social Media