Koba Gvenetadze, Governor of the National Bank of Georgia, participated in the Fifth Istanbul Economy Summit on December 10. The participants discussed the importance of green economy and development of sustainable finance.

 

The speech of Governor Gvenetadze at the Summit included the discussion of the consequences of the pandemic for the economy, the prevalent high-inflation environment on a global scale, and the challenges of the banking sector. His discourse also involved the role of central banks in achieving macroeconomic stability, and environmental and sustainable development policies pursued by central banks to promote sustainable development. The discussion was moderated by Sibel Kulaksiz, World Bank Senior Economist.

 

"Tightening monetary policy during the pandemic is a big challenge, as it further reduces the solvency of borrowers. I am pleased to see that the Georgian banking system was well-equipped when facing the Covid-19 pandemic and is still resilient, which is the outcome of the National Bank's substantial financial stability policy actions and the development of an interim supervision plan in recent years. As for climate change issues, the world has recognized that climate-related problems are a source of financial risk, and their mitigation is fully in line with the central bank's financial stability goals. Recognition of this fact has become the main driving force for the National Bank of Georgia to develop a sustainable finance network," - said Koba Gvenetadze.

 

Governor Gvenetadze also spoke about the cooperation between Georgia and Turkey, pinpointing the importance of strategic partnership with Turkey. Being a natural bridge between the East and West, Turkey plays a crucial role for Georgia and the countries of the region in terms of the economy.

 

The Istanbul Summit was attended by senior officials of the World Bank and the European Bank for Reconstruction and Development, the leaders of the economic ministries of different countries, academia and the private sector.