EBRD President: “Georgia’s positions have improved in all international rankings”

Georgia’s positions in all international rankings have advanced in the past five years and is a front-runner among the countries we work with, says President of the European Bank for Reconstruction and Development (EBRD) Sir Suma Chakrabarti.

Chakrabarti spoke about Georgia’s latest achievements at a joint press conference together with Prime Minister Giorgi Kvirikashvili in Tbilisi today.

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”, he said.

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”.

He added that Georgia has a government that is determined to continue economic and other reforms in order to turn the country into a more European state. Chakrabarti said that the EBRD will keep supporting Georgia with both giving recommendations and investments.

I think we have a group here in Government, that really wants keep reforming the economy and the political space to make it more European in every angle".

Hosted @EBRD President Suma Chakrabarti @ebrdsuma. 25 years of cooperation: 200 projects & €3 billion invested https://t.co/ix3SX65mYbpic.twitter.com/JqWeF0g92W

— Giorgi Kvirikashvili (@KvirikashviliGi) September 6, 2017

The EBRD President said he is sure that Georgia will exceed this and next year's’ economic growth forecasts by the EBRD. In May, the EBRD announced this year’s economic growth forecast for Georgia and reassured it will grow by 3.9 percent. Furthermore, the EBRD said Georgia’s economy will hit 4.2 percent growth in 2018.

We will offer you our newest forecasts in November but I am sure Georgia will keep growing faster than any other country where we operate in”, Chakrabarti said.

Georgian Prime Minister Giorgi Kvirikashvili reacts as he listens to the EBRD President talking about Georgia's latest achievements. Photo: PM's press office.

EBRD President Chakrabarti 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, he met with 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 Thea 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", President Chakrabarti said.

He attended 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.

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.