The messenger logo

EBRD president says Georgian economy developing more rapidly than expected

By Gvantsa Gabekhadze
Thursday, September 7
The President of the European Bank for Reconstruction and Development (EBRD), Sir Suma Chakrabarti, has stated in Tbilisi that the country's economy is developing more rapidly than was expected.

“We have discussed the overall strategy of the country. We also talked about Georgia’s economy. We also overviewed the priorities of the EBRD and talked about the importance of private sector development. Thanks to its geographic location, Georgia has huge potential in linking the countries of the region,” Suma Chakrabarti said after his meeting with Georgia’s Minister of Economics, Giorgi Gakharia.

Sir Suma Chakrabarti arrived in Georgia on September 5.

The EBRD official was met by Georgia’s Minister of Finance, First Deputy Prime Minister Dimitri Kumsishvili, at Tbilisi Shota Rustaveli International Airport.

Chakrabarti participated in a meeting of the Council of Investors.

The Council of Investors is an independent consultant agency at the Prime Minister’s office, which facilitates dialogue between private entrepreneurs, international organizations, donors and the government of Georgia.

The dialogue aims to create an attractive, transparent and fair business environment in the country.

The EBRD supports the Council's activities and confirmed its support through signing a memorandum.

The EBRD is one of the key financiers of investment projects in Georgia and its contribution to the Georgian economy grows from year to year, Georgia’s Ministry of Economics stated.

The Bank has already allocated ˆ3 billion for Georgia, and 91 percent of the money is for the development of the private sector.

Only last year the Bank carried out investments worth $250 million in Georgia.

Sir Suma Chakrabarti, an Indian-born Englishman, is the sixth President of the EBRD.

The EBRD's Board of Governors re-elected Sir Suma as President of the Bank for a second four-year term in 2016. He began his first term in 2012, having replaced Thomas Mirow.