Georgian Finance Minister Lasha Khutsishvili will hold the position of the Vice-Chairman of the European Bank for Reconstruction and Development Board of Governors for 2022-2023, the Ministry of Finance has announced. As the Georgian Finance Ministry reports, Austria will chair the Board for a one-year term, while the second Vice-Chairman will be selected from Jordan. The decision was made at the EBRD Annual Meeting and Business Forum, hosted in Morocco.
Georgian Finance Minister to be Vice-Chair of EBRD Board of Governors Through 2022-2023
By Khatia Bzhalava
Friday, May 13, 2022
Khutsishvili delivered a speech at the EBRD Annual Meeting and talked about Georgia’s potential in generating green energy. He also reaffirmed Georgia's strong support for Ukraine, its sovereignty, and territorial integrity and stressed the importance of implementing international sanctions against Russia for its invasion of the country.
The theme of this year’s meeting was ‘Responding to Challenges in a Turbulent World’. As the Finance Ministry reports, Khutsishvili focused on the package approved by the Board of Directors of EBRD in Ukraine and other countries, aimed at strengthening private sector support in areas such as trade promotion, energy security, and development of vital infrastructure, refugee support, and more.
The Finance Minister said that the latest developments in the world revealed that energy independence and security have become a priority around the world. In this context, he emphasized the importance of strengthening Georgia’s energy independence and focused on the country’s potential to generate green energy.
“We are ready to develop a legislative framework that encourages investment in renewable energy. The Black Sea floor cable project also has great potential, as it plays an important role in connecting Georgia to the European network,” the Minister noted.
According to him, it is also necessary to continue structural reforms to strengthen the economic foundation of the country and increase resilience to shocks.
As part of the EBRD Annual Meeting, the Minister of Finance is scheduled to meet with the Bank’s First Vice President Jurgen Rigterink. A meeting with representatives of the Japan Bank for International Cooperation is also planned.