EBRD Issues New Strategy for Georgia

The European Bank for Reconstruction and Development (EBRD) recently issued a new strategy for Georgia.

As a news release, issued by the Bank on September 27, reads, EBRD will intensify its policy dialogue with the authorities in an effort to improve the investment climate for local and foreign investors.

In infrastructure the focus will be on power and energy, regional transport, water utilities and telecommunications. New investments would be considered mainly on a non-sovereign basis ? meaning without a guarantee from the national government ? and only if accompanied by appropriate regulatory and institutional reforms.

The Bank will expand its funding of local enterprises, including micro, small and medium-sized enterprises and larger private enterprises, directly and through local banks.

In the financial sector, the EBRD will support existing and new partner banks using the full range of debt instruments and will seek suitable equity investments.

As of mid-2004, the EBRD has signed 35 investment projects in Georgia in the energy, transport, agribusiness, general industry and banking sectors worth more than ?240 million.