On February 1, 2024, Ekaterine Mikabadze, the Vice Governor of the National Bank of Georgia, took part in a panel discussion shedding light on the pivotal role of capital market development in Georgia and the considerable growth potential within the corporate bond market. The engaging discussion, featuring representatives from the National Bank of Georgia, Galt & Taggart, TBC Capital and the Pension Agency, was held in conjunction with the successful placement of debut bonds totaling GEL 65 million by Cellfie Mobile, with noteworthy participation from the Pension Agency as one of the investors.

"Despite the robust recent growth of the corporate bond market, surpassing GEL 1.9 billion by the close of 2023, the notable reliance on bank loans within the financing structure of Georgian companies remains pronounced. Similar dependence within the corporate sector is evident in European Union countries. In Europe, the share of bonds in the financing mix, considering both bank loans and bond funds, averages at 24%. Hence, the corporate bond market in Georgia holds substantial untapped potential for further expansion," articulated Vice Governor Ekaterine Mikabadze during the panel discussion.

During the panel discussion, Ekaterine Mikabadze also stressed the importance of nurturing a securities market denominated in the national currency. She pointed out that issuing Lari bonds would empower companies to mitigate risks arising from exchange rate fluctuations. According to Mikabadze, the development of a market for financial instruments denominated in GEL will enhance the effectiveness of the Central Bank's monetary policy implementation.