The 14th annual summary meeting of EBRD held in Belgrade on May 22-23 fixed its positive attitude towards the EBRD projects being implemented in Georgia. Jean Lemierre, President of EBRD, stated that the EBRD activities in Georgia are being conducted in an orderly manner. At the summary press-conference Mr. Lemierre said that EBRD will pay special attention to the Eastern European countries (including Georgia). To create an attractive investment climate, the EBRD will facilitate free trade agreements to be reached between those countries. EBRD will also assist the countries to make the credit resources accessible for small and medium businesses. Giorgi Glonti, vice-president of the National Bank of Georgia, participated in the work of the forum. The EBRD took a great deal of interest in the positive changes and trends evident in Georgia over the last year: simplified tax regime, privatization, etc. Exchange rate and inflation forecasts also caused great attention, vice-president said. The Georgian delegation indicated that the Bank has sufficient tools to regulate the exchange rate and inflation. The EBRD will make its activities more intense – by opening new credit lines and direct investments in the Georgian enterprises. Mr. Kurt Gayger, EBRD Financial Institutes Group Director became interested in the achievements of the Georgian banking sector as well as the mergers and acquisitions of the Georgian banks. Giorgi Glonti indicated that there is a competitive environment in the financial market, convenient for the development of banks; therefore, the mergers are caused by the natural processes. The representatives of the German, British and Polish delegations expressed interest in cooperating with Georgia. “Standard &Poor’s” and “Fitch Ratings”, Citibank and Bank of Tokyo Mitsubishi as well as Russelkhozbank also showed great interest, vice-president Glonti said. This increasing interest of these successful companies and banks is conditioned by the fact that their clients intend to enter the Georgian market.The agreement was signed between the EBRD and BP on the creation of the co-financing fund. The purpose of the project is to provide long-term assistance to the social-economic development of Georgia, Azerbaijan and Turkey. Under the aegis of the project, the Procreditbank will open three new branches in Telavi, Khashuri and Rustavi through which 4000 loans worth total of USD 7.6 million will be issued to facilitate the small business development. Norin Doyle, first vice-president of Procreditbank said that the purpose of opening the new branches is the development of banking services in these regions and improvement of the social and social and economic condition of the population. The 14th Annual Meeting of EBRD and Business Forum were hosted by Sava Center in Belgrade on May 22-23. Around 2000 representatives of the governmental delegations and leading international companies of various countries participated in the Meeting/Forum. EBRD is one of the largest financial institutions, which actively and fruitfully cooperates with Georgia. As of March 31, 2005, EBRD is implementing 36 projects in Georgia, with the total value of EUR 256.8 million. Of this, the value of the current credit portfolio is EUR 154.9 million. EBRD has credit lines for a Georgian commercial bank and owns the stocks of some of them. Besides, it finances fuel and energy, as well as transport, agro-business spheres and judicial reform.