On July 17, the President of the European Reconstruction and Development Bank (EBRD), Sir Suma Chakrabarti, visited the National Bank of Georgia. President Chakrabarti familiarized with the situation in the Georgian banking sector and current economic reforms. EBRD President estimated the role of the National Bank of Georgia in the process of the sound development of the Georgian banking sector.

The meeting was followed by a joint briefing.

“I would like emphasize that the cooperation between the National Bank and the EBRD has not started today. Our strategic partnership has a long history. Besides, the typical issues and one of our priorities today is Larization. We have been working over several months and in the near future, in about two or three months the EBRD will issue the first corporate bond denominated in Lari on the local market. It will be the first bond issued in the national currency by the international financial institution. We hope that the same tendency will be continued not only on the part of the international financial organizations but also on the part of the Georgian banks and the strong companies that will ultimately promote capital markets development, decrease interest rates and we this will be further successful step in the financial sector” – Mr. Kadagidze, the Governor of the NBG stated.

"It is my pleasure to be here and meet with the Governor of the National Bank. EBRD has a really strong relationship with Georgia. I would like to mention that the level of banking sector development in Georgia is sufficiently high and what is very important, it is stable. EBRD is the international organization and implements projects in many countries. The banking system of Georgia is distinguished from all other countries’ banking systems where we work. The banking sector is sound and stable; therefore it is no wonder that the customers have a confidence in banks.  Our nearest plans about the NBG are based on this particular confidence. We agreed that our short-term plan is to issue a bond in local currency – lari”, stated the EBRD President.

During the three-day visit Sir Suma Chakrabarti met with the Prime-Minister, Bidzina Ivanishvili and the ministers of the government’s economic team.

To date, the Bank has invested a total of €1.8 billion for 158 projects in various sectors of the Georgian economy, mobilizing a further €3 billion for those ventures from other sources of financing.