EBRD to invest $200 million in Georgia

The European Bank for Reconstruction and Development (EBRD) plans to invest $200 million in Georgia in 2013, EBRD President Suma Chakrabarti said at a meeting with Georgian Prime Minister Bidzina Ivanishvili.

According to Chakrabarti, EBRD has established close business contacts and cooperation with Georgia.

"Right now EBRD is implementing 150 projects worth $1.5 billion [in Georgia], and we intend to expand cooperation," he said.

Chakrabarti said Ivanishvili helps the bank to determine priorities through the prism of economic development. He noted that in addition to assisting financial institutions of Georgia, the bank at this stage is interested in investing in the fields of tourism and energy.

In turn, Ivanishvili said he presented country's economy revival plan to Chakrabarti.

"We agreed that within a few months a detailed plan for the development of Georgia's economy will be presented," Ivanishvili said.

A three-day visit of the President of the European Bank for Reconstruction and Development Suma Chakrabarti began in Georgia on July 16. During the visit, he is scheduled to meet with Minister of Finance Nodar Khaduri and Minister of Economy and Sustainable Development Giorgi Kvirikashvili. The parties will discuss current and future cooperation between Georgia and the EBRD.

Adapted from AzerNews