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EBRD Plans to Invest Additional USD 200 million in Georgia

Published: July 17, 2013 | 11:46 am
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The European Bank for Reconstruction and Development (EBRD) plans to invest additional USD 200 million in Georgia. The statement was made by Sir Suma Chakrabarti, the President of the EBRD.

„EBRD has a very strong relationship with Georgia., very strong partnership-2.6 billion dollars of partnership for many years. I expect to put another investment this year of around 200 million dollars. That is a sign of our confidence in Georgia and its future. The Prime Minister is really helpful in setting out the priorities that he and his government want to peruse over the next years. It’s important to focus on financial institutions, SMEs, tourism, energy sector. We believe that Georgia has a great potential and can become a great regional and global economic hub,” declared President Chakrabarti.

The EBRD plans to approve its new country strategy for Georgia in September 2013. The updated strategy will have three main priorities: fostering private sector investment; supporting further modernisation of the energy sector with a modern regulatory framework; and promoting Georgia’s regional and global economic integration with an emphasis on projects in the infrastructure, logistics, telecommunications and financial sectors.
The President of the European Bank for Reconstruction and Development (EBRD), Sir Suma Chakrabarti, made his first official visit to Georgia on 16 July, during a tour of South Caucasus countries. President Chakrabarti began his visit to the South Caucasus in Azerbaijan on 14 July. Following his time in Georgia, on 18 July Sir Suma will arrive in Armenia.
Sir Suma was elected EBRD president in 2012 and assumed the role on 3 July 2012, becoming the sixth President of the Bank. Previously he was Permanent Secretary at the UK Ministry of Justice and earlier held the same post in the Department for International Development. A graduate of Oxford and Sussex universities, Sir Suma worked with the British government from 1984 onward and was awarded the title of Knight Commander of the Order of the Bath (KCB).
To date, the Bank has invested a total of €1.8 billion for 158 projects in various sectors of the Georgian economy, mobilising a further €3 billion for those ventures from other sources of financing.

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