Azernews.Az

By Jamila Babayeva

The European Bank for Reconstruction and Development (EBRD) expects that the investments will increase in Georgia.

Managing director of the bank Olivier Descamp made the remark after a meeting with Georgian Minister of Finance Nodar Khaduri on January 14, noting that the competition and antitrust legislation will be developed in the country.

The meeting discussed issues of the current and future projects funded by EBRD.

"It is important to develop cooperation with the new Georgian leadership as the government is forming a medium-term economic development program," Descamps said.
He said the EBRD is one of the largest investors in Georgia.

"Even more will be done in the future for the investments to be increased in the country, the competition and the antitrust legislation to be strengthened. The foreign direct investments declined last year, but it was a global trend. We hope that the investors will show an interest in Georgia," he noted.

The finance minister is optimistic about the future cooperation strategy.

Khaduri said the EBRD has been working in Georgia for 20 years and invested more than $ 1.8 billion.

"We discussed the reforms that must be implemented in Georgia. The future cooperation with the EBRD will be specified in the near future," Khaduri added.

The Georgian economy is expected to see a modest recovery in 2014 after a sharp slowdown this year, the EBRD says in its latest Regional Economic Prospects report.

GDP growth is projected to slow down from 6.2 per cent in 2012 to 2 per cent in 2013. The forecast for 2013 is a further downward revision from the forecast in May, when the EBRD expected 2013 growth of 3 per cent.

To date, the EBRD has invested a total of €1.8 billion for 158 projects in various sectors of the Georgian economy, and has mobilised a further €3 billion for these ventures from other sources of financing. In the Georgian power sector alone, the EBRD has committed over €250 million.