TBILISI

The European Bank for Reconstruction and Development (EBRD) has adopted a new country strategy for Georgia for 2022-27, aimed at enhancing the competitiveness of Georgian companies, promoting inclusion and regional development and supporting the country’s green economy transition.

The EBRD said it stood ready to help companies, including small and medium-sized enterprises (SMEs), boost their productivity and resilience by enhancing their competitiveness and improving their access to finance, for instance, through investments in digitalisation. The bank will also continue its work to deepen the local capital market to provide companies with a wider variety of financing options.

The EBRD said it would also step up its efforts to support access to skills development, especially for young people, women and other marginalised groups, supporting job creation, also in regions outside the capital, Tbilisi.

“Better access to finance and essential municipal services for regional populations is a key focus of the EBRD’s work,” it said in a statement.

The EBRD is well-positioned to help accelerate Georgia’s green economic transition by supporting initiatives to reduce greenhouse gas emissions and increase the use of renewable energy. Based on the EBRD’s Green Economy Transition approach and building on its strong track record in this field, the bank will combine investments in renewable energies with policy engagement. It will support the reform of state-owned enterprises, including greater energy and resource efficiency, and continue to expand its Green Cities framework.

Georgia has made great efforts in recent years to advance reforms and create a sustainable market economy.

“The new EBRD strategy will support the Georgian economy, significantly affected by the COVID-19 pandemic, in its recovery and further development,” the bank said.

The EBRD is a leading institutional investor in Georgia. Since it started operating in the country, the bank has invested more than 4.53 billion euros in 269 projects in the financial, corporate, infrastructure and energy sectors, with 78 percent of these investments in the private sector.