President Gotsiridze Positively Assesses KFW Activities in Georgia
01 June, 2005
President Roman Gotsiridze met with the delegation of the Federal Ministry of German Economic Development and Cooperation, headed by Jurgen Zoll, director of the Division for Georgia. The activities of the KFW in Georgia were discussed at the meeting. The visitors were interested to hear the opinion of President Gotsiridze on this issue. President Gotsiridze have high appraisal to the financial activity of KFW in Georgia. The KFW has investments in private and financial sectors; for example, it is a “Procreditbank” shareholder. Besides, it funds fuel and energy, social, healthcare and environmental projects.President Gotsiridze said that the KFW experts are assisting the National Bank in developing a draft law on deposit insurance. KFW will provide the start-up capital of 3.5 million Euros for the deposit insurance fund. The introduction of the deposit insurance scheme will increase competition and confidence in the Georgian banking market, President said. At the end of the meeting President Gotsiridze said that it would be desirable if the future KFW projects were more actively directed towards the development of microfinance sector, and deemed agriculture and manufacturing as priority fields.