EBRD approves new strategy for Georgia until 2017

The Board of Directors of the European Bank for Reconstruction and Development (EBRD) approved the new strategy for Georgia. As the bank statement said on Tuesday, the strategy considers the main priorities of the EBRD in Georgia for the period of 2013-2016.

According to the statement, the strategy of the Bank for Georgia aims to support further development of the country's corporate sector, increase in use of renewable energy, as well as the country's integration into the regional and global markets.

According to the document, the new strategy recognizes the efforts of Georgia, applied in order to remain the leading reformer in the region, as well as the successes, based on structural reforms, which include improving the legal and regulatory structures for companies, liberalization of the customs regime and further simplification of the tax system.

According to the bank, the EBRD's strategy, which covers the period of 2013-2016, defines the following priorities: implementation of private investment (the bank will continue to carry out transactions with customers of the private sector, both directly and indirectly through the commercial banks operating in Georgia), the completion of the modernization of the energy sector (bank will complete projects in the energy sector, which begun during the previous strategy, that will increase electricity production and expand its access to export markets), support for regional and global economic integration of Georgia (the bank will focus on projects in various fields, including infrastructure, logistics, telecommunications and financial sector).

EBRD has operated in Georgia since 1993 and to date has funded the implementation of 159 projects worth 1.8 billion euros. Almost 66 per cent of the total liabilities of the bank in Georgia falls on the financial sector, 19 per cent on the energy sector, 11 percent on industry, commerce and agriculture and about 4.5 percent on infrastructure. (Trend)