Gov’t adopts Asian Development Bank-supported Capital Market Development Strategy
The Government of Georgia on Monday presented its Capital Market Development Strategy, supported by the Asian Development Bank, in a forum hosted by the ADB and Luxembourg in Tbilisi. Photo: ADB
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The Government of Georgia on Monday presented its Capital Market Development Strategy, supported by the Asian Development Bank, in a forum hosted by the ADB and Luxembourg in Tbilisi.
The ADB said the presentation was made at the event that involved over 80 senior representatives including government officials, think-tanks, international and private sector organisations, with the forum aiming to explore opportunities and challenges in the country’s capital market.
The Strategy will serve as a guide for “coordinated and consistent” development of the Georgian capital market, the Bank added.
“We are pleased to continue supporting the government’s efforts to deepen local capital markets, enhance market efficiency, mobilise investment opportunities, and promote sustainable economic growth”, said Kamel Bouhmad, the Officer-in-Charge of the ADB Georgia Resident Mission.
“By leveraging our technical expertise, financial resources, and international network, we aim to continue to be a key partner for Georgia as it endeavours to strengthen its capital market”, Bouhmad added.
The Georgian government on Monday held a meeting led by prime minister Irakli Garibashvili to discuss a range of topics, including approval of the 2022-2028 strategy for the development of the capital market of Georgia and the related action plan.
Georgia takes actions to develop capital market, implement equity securities, corporate bonds, derivatives and other instruments.
The International Finance Corporation (IFC) is issuing a 30 million GEL bond (about $15 million USD) to support Georgia’s capital markets. This is IFC’s first local currency issuance in Georgia.
The Georgian Government, the National Bank of Georgia (NBG) and the country’s private sector should team up to develop Georgia’s capital market.
Georgian Deputy Economy Minister Irakli Nadareishvili on Thursday said development of the domestic capital market was a priority for the Georgian Government and related to one of structural reforms of his Ministry.
Masatsugu Asakawa, the President of the Asian Development Bank, on Tuesday arrived in Georgia, on his first official visit to the country, to participate in the Central Asian Regional Economic Cooperation Forum.
Enterprise Georgia, the state agency promoting entrepreneurship, investment and exports, on Monday said it was launching a new programme to improve access to finance for domestic enterprises by promoting the capital market, in particular by stimulating the issuance of securities.