Deputy Economy Minister says Georgia’s capital market reform entering “active phase”

Irakli Nadareishvili, the Deputy Economy Minister of Georgia, on Thursday highlighted access to finances and development of the capital market as important for ensuring “rapid” economic growth, and said the reform of the market had entered an “active phase”.

In about two weeks, the new programme of the Enterprise Georgia [state] agency will begin, the purpose of which is to improve access to alternative finance for businesses and support the capital market by stimulating the placement of securities”, he said.

Also, this year, together with our partners, we have already started work on promoting creation of equity investment funds, which, among other things, can become an important investment tool for the Pension Fund”, the Deputy Minister added.

He noted the reform had created a “solid basis” for the capital market development over the past five years.

Last year, for example, the debt securities market doubled, which is a direct indicator that the market is starting to develop rapidly”, Nadareishvili pointed out.

The Deputy Minister added even though Georgia had a “very highly developed” banking sector, the country’s capital market was still in an “embryonic state”.