Global challenges and prospects were discussed at the Summit of Minds hosted by Armenia. The event held with the direct involvement of President of Armenia was attended by representatives of various countries of the world.

 

Koba Gvenetadze, Governor of the National Bank of Georgia, took part in the event as one of the keynote speakers at the invitation of the President of Armenia Armen Sarkissian. The session, chaired by Armen Nurbekian, Director of the Central Bank of Armenia Training Center, focused on the radical transformations and new challenges of the global scale.

 

In his speech, the Governor of the National Bank of Georgia focused on global trends and challenges, and the future prospects of the financial sector. He also discussed climate change and sustainable finance. The National Bank is vigorously working to develop a sustainable finance framework. Discussing financial and supervisory technologies, Governor Gvenetadze noted that the National Bank has already taken a number of successful actions to promote new technologies and develop the Fintech ecosystem. Koba Gvenetadze was pleased to share the future visions of the National Bank for this area with the participants of the Summit of Minds. Governor also touched upon the prospects for the development of the capital market and payment systems.

 

“The world has acknowledged that climate change and sustainability issues are a source of financial risks, therefore addressing those risks falls within the primary objective of a central bank. Upon recognition of this fact, a growing number of central banks and regulators have started to incorporate environmental and social sustainability in the central banks’ policies in order to ensure financial stability in the long run and support sustainable growth. We, at the National Bank of Georgia, understand that with the increasing environmental, social and sustainability risks and the size of the investments needed to address these issues, the financial system has a major role to play in sustainable development. I am proud to say that the National Bank of Georgian was one of the first central banks in the region to take the initiative and start developing the sustainable finance (SF) framework in 2017,” Governor Gvenetadze noted.