The Governor of the National Bank of Georgia (NBG), Natia Turnava, participated in the second annual International Capital Markets Conference organized by TBC Capital.

This year, the conference was held with the support of the National Bank of Georgia and hosted over 450 participants from Georgia and across the region.

At the opening of the event, the Prime Minister of Georgia, Irakli Kobakhidze, highlighted the results achieved and reforms implemented in recent years in the development of the local capital market. According to him, Georgia offers a stable, predictable, and competitive environment for investment and business expansion, with the key indicators of this progress being the stability of the financial sector and the strength of the national currency.

In her remarks, Natia Turnava noted that Georgia’s financial sector is strong, resilient, and stable. The sector plays a crucial role in attracting foreign direct investment. The country’s two largest banks, including TBC Bank, are listed on the London Stock Exchange, further reinforcing the strength of the financial system. According to the NBG Governor, further diversification of the financial sector particularly through capital market development is essential for expanding funding sources and supporting long-term, sustainable growth.

According to Natia Turnava, the development of Georgia’s capital market has accelerated significantly in recent years, and 2025 further demonstrated strong and tangible progress.

“By the end of 2025, the volume of public corporate bonds in circulation increased by 33.3% year-on-year to reach GEL 2.7 billion. The year was also marked by the highest issuance activity on record for the first time in history, new issuances totaled GEL 1.58 billion. Equally important is the fact that the currency composition of the market became more balanced. In 2025, approximately 66% of new issuances were denominated in GEL, and by year-end, 54% of public corporate bonds in circulation were also in GEL. This represents significant progress not only in terms of market size, but also in sustainability, maturity, and investor confidence,” the NBG Governor noted.

She also stated that a significant share of local corporate issuances comes from issuers with credit ratings (79% of new issuances in 2025), reflecting increased investor demand for transparency and robust risk assessment.

Natia Turnava also highlighted the successful placement of Georgian government bonds, noting that numerous meetings were held last year with investors across various countries in cooperation with the Government of Georgia, particularly the Ministry of Finance. The results were significant during the Eurobond issuance, investor demand exceeded the offered amount by 5.5 times.

This year’s conference brought together international investment banks, investors, issuers, and regulators in one space. Representatives of leading global financial institutions participated in presentations and panel discussions, including J.P. Morgan, Citi, Morgan Stanley, ICBC Standard Bank, Oppenheimer, Ashmore, Aberdeen, Vontobel, MetLife Investment Management, EBRD, ADB, IFC, Fitch Ratings, S&P Global, Baker McKenzie, and Latham & Watkins.