EBRD President: “Georgia’s economy has a very positive prospective”

The European Bank for Reconstruction and Development (EBRD) believes in the stability of Georgia’s banking sector and fully supports the reforms being implemented by the National Bank of Georgia (NBG), including the monetary policy.

Today EBRD president Sir Suma Chakrabarti met NBG president Giorgi Kadagidze, two days before the EBRD Annual Meeting in Tbilisi. It is the first time this meeting has been held in the Caucasus region.

The EBRD official said he had a very fruitful meeting with Kadagidze and congratulated him on winning the Best Governor of the Central Bank. He said this recognition will reflect on Georgia’s economy.

"We assessed Georgia’s banking sector as strong and well capitalised. Two large [Georgian] banks are listed on the London Stock Exchange. This is a very important achievement for Georgia, proving that there is a strong banking sector, which is professionally regulated by the national bank,” Chakrabarti said.

The EBRD and NBG officials spoke about the development of Georgia’s securities market and recalled that the Bank had issued its first-ever bond in Georgian Lari recently.

"There are no fundamental problems in Georgia but temporary challenges that the country faces. The Georgian economy has a very positive prospective,” said Chakrabarti.

Meanshile, Kadagidze recognised EBRD as one of the most important strategic partners and investors of Georgia.

"It is important that we are moving into a new phase when EBRD is starting financing of the real sector. This means that successful Georgian companies have new opportunities to attract finances not only from commercial banks but from financial institutions as well,” Kadagidze said.

More than 60 countries’ governmental delegations and over 1,500 businessmen and international organisations’ representatives will visit Georgia’s capital Tbilisi in the next few days to attend the 24th EBRD Annual Meeting.