The European Bank for Reconstruction and Development (EBRD) will enhance its advisory services in Georgia to support local small and medium-sized enterprises (SMEs) in digitalisation and access to capital markets during the COVID-19 crisis. Together with Team Europe, the EBRD aims to increase the resilience and agility of the private sector.
Backed by €1.8 million in EU funding, the EBRD will help local firms with their digital transformation to avoid interruptions to their operations because of the pandemic and rebuild their businesses with a focus on sustainable and green practices. The previous phase of funding supported strengthening the competitiveness of the country’s SME sector.
In parallel, the EBRD will assist the National Bank of Georgia with the design and implementation of support mechanisms facilitating access to capital markets – both debt and equity – for local corporates, including SMEs. Targeted support will enhance Georgian companies’ preparedness for capital markets, broaden their funding sources and help attract financing from domestic and international investors. Companies can receive tailor-made advisory services and technical support to improve their corporate governance, transparency and credit rating to source investments across capital markets.
The announcement follows the new EBRD President Odile Renaud-Basso’s first visit to Georgia on 1 and 2 February.
The EBRD is a leading institutional investor in Georgia. Since the start of its operations in the country, the Bank has invested more than €4.2 billion in 262 projects in the financial, corporate, infrastructure and energy sectors.
The news prepared in the framework of the EU project "EU NEIGHBOURS east".
The Chair of the Committee, Nikoloz Samkharadze and the First Deputy, Giorgi Khelashvili held the meeting with the Czech Ambassador, H.E. Petr Mikyska to discuss the Georgia-Czech relations, cooperation priorities and inter-Parliamentary directions.
Georgian MPs informed the Ambassador about the Parliamentary Resolution on Foreign Policy and stressed the foreign priorities jointly developed by the Parliament and Government. As noted, EU integration is one of the top priorities of Georgia and the country is getting gradually ready to apply for EU membership in 2024.
The parties overviewed the domestic political situation in Georgia, democratic reforms, regional security and the pandemic management issues.
The Ambassador expressed intact support to the territorial integrity and sovereignty of Georgia and the foreign policy of the country. As noted, Czech Republic undertakes several important projects in Georgia facilitating the political and economic development of the country.
The parties agreed on cooperation formats and communication ways.