David Abesadze, Head of the Securities Market Supervision Department at the National Bank of Georgia, took part in a panel discussion organized by the International Organization of Securities Commissions (IOSCO) in Madrid, Spain. The session focused on the role of regulatory authorities and supervisory strategies in advancing capital markets.

Abesadze showcased the NBG’s key initiatives and ongoing projects aimed at fostering the growth of Georgia’s capital market. He placed particular emphasis on the Capital Market Support Program, a joint effort between the NBG and the European Bank for Reconstruction and Development (EBRD). Through this program, selected companies issued bonds totaling 454 million Georgian Lari during 2022–2023. He also outlined the NBG’s established procedures and regulatory framework for reviewing securities issuance prospectuses.

“Our core mandate as regulators is to supervise and safeguard investor interests. By upholding this responsibility and strengthening investor confidence, we lay the groundwork for market development. At the same time, fulfilling this mandate does not preclude us from actively contributing to market growth and we have tangible results to show through various targeted initiatives,” Abesadze stated.

 

Abesadze also shared insights into the NBG’s efforts to introduce Real Estate Investment Trusts (REITs) in Georgia.

 

“While the Capital Market Support Program was designed to boost activity in the fixed-income segment by encouraging issuers and expanding supply, the REIT initiative targets the demand side. Our aim is to create incentives for retail investors to save through equity instruments, such as REITs,” he noted. “In parallel with developing a supervisory framework and maintaining ongoing dialogue with market participants, the Bank is working with relevant agencies to ensure that taxation policies support the successful introduction of REITs. Over the past three years, Georgia’s local investment fund market has grown by an average of 59% annually. The introduction of REITs will offer an additional catalyst for the continued expansion of this sector,” Abesadze added.