Georgia's Acting National Bank Governor, EBRD representatives discuss financing

Natia Turnava, the Acting Governor of the National Bank of Georgia, on Monday met with Francis Malige, the Managing Director of Financial Institutions for the European Bank for Reconstruction and Development, and George Orlov, the EBRD's Financial Institutions Director for Central Asia, Caucasus and Turkey, to discuss current situation in the Georgian financial sector and  matters of financing from international financial institutions.

Turnava briefed the EBRD representatives on “important reforms”  implemented by the the NBG to strengthen the domestic banking supervision framework, and noted these reforms aligned with Basel III standards, an internationally agreed set of measures developed by the Basel Committee on Banking Supervision in response to the financial crisis, and European directives.

We highly appreciate  partnership with  international financial institutions and the EBRD, which plays a crucial role in supporting Georgia’s social and economic progress, as well as in development of its financial sector”, she said.

Malige expressed his readiness to continue supporting “important reforms and technical assistance in the financial sector” in the country.

The EBRD has invested €5.3 billion in Georgia, financing 301 projects in the country, with the institution’s current active portfolio including 79 projects, valued at €1.2 billion, with 32 percent allocated to financial institutions.