US agency OPIC increases investments in Georgia
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The United States government’s Overseas Private Investment Corporation (OPIC) significantly increases the investment limit for Georgia, says Georgia’s Finance Minister Dimitry Kumsishvili.
The news came after the Minister’s meeting with ââââââââââââââDev Jagadesan, an Acting President and CEO of OPIC in the United States (US).
We had a very important meeting at the OPIC. This is an organisation that has been supporting Georgia since 1995. Since then the OPIC has invested more than $500 million in Georgia,” said Kumsishvili.
Today a very important decision was made in the organisation – they will significantly increase the investment limit for Georgia. We are more than happy to see that the US will invest heavily in Georgia,” he added.
While in the US Kumsishvili also met leading economist and Senior Vice President of the World Bank Paul Romer.
While in the US Kumsishvili also met leading economist and Senior Vice President of the World Bank Paul Romer. Photo by Georgia's Finance Ministry.
At the meeting Kumsishvili talked about the planned and ongoing reforms of the Government of Georgia and Romer expressed the initiative to personally take part in the development processes.
The World Bank high official promised the Bank to continue fruitful cooperation with Georgia to support the country’s investments opportunities and raise the economic competitiveness of Georgia.
Georgian Minister also met Mercedes Vera Martin from the International Monetary Fund (IMF) where the officials talked about the IMF’s new three-year technical assistance program.
A delegation from the United States (US) government's development finance institution is in Georgia to negotiate terms of its latest $67 million support package for Georgia.
The United States government’s Overseas Private Investment Corporation (OPIC) is teaming up with Georgia’s state owned investment fund, the Partnership Fund (PF) to mobilise investment capital to finance a range of new projects in Georgia.
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Easy bureaucracy, low initial capital needed to start a business and a plethora of opportunities in niche markets are the main things encouraging United States (US) citizens to invest in Georgia.
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The International Monetary Fund (IMF) will strengthen its support to Georgia to help the country implement its ambitious reforms.
A Georgian delegation headed by the country’s Finance Minister Dimitry Kumsishvili has just returned from the United States (US) and brought promising deals from different financial institutions.
Global rating agency Fitch Ratings has revised the outlook on Georgia’s sovereign credit rating from stable to positive, announced Georgia’s Ministry of Economy today. The revision of the outlook to positive reflects the key rating drivers such as maintaining a stable macroeconomic environment, showing resistance to shocks and ensuring a favorable business environment.
Global rating agency Fitch Ratings has assessed Georgia’s Issuer Default Ratings (IDR) at 'BB-'. The outlook is positive, says Fitch. Fitch projects real GDP growth to average 4.8 per cent in 2019-2020, compared with 3.5 per cent across 'BB' category sovereigns.
Prime Minister of Georgia Mamuka Bakhtadze has sent a clear message that the Georgian economy is open to investments at a meeting with the CEO of the Overseas Private Investment Corporation (OPIC), Ray W. Washburne in Washington D.C.
Fitch expects Georgia's economic growth to increase in 2019 due to a pick-up in capital spending, which dipped last year while inflation is forecasted to remain in line with the central bank's target of 3 percent in 2019-2020.