The European Bank for Reconstruction and Development (EBRD) is pleased to announce the appointment of the new Head of Secretariat of the Investors Council of Georgia, Giorgi Cherkezishvili. Giorgi will replace Mariam Meghvinetukhutsesi, who will leave her post at the end of December 2019.
According to the released news, Investors Council has been engaged in the implementation of 4 basic reforms.
During the 2019, the Investors Council has successfully been working on the following updates on legislation:
1) New Land ownership legislation: the ICS worked with the Committee of Agriculture of the Parliament of Georgia and other stakeholders on the draft legislation on Ownership of Agricultural Land. On June 25, 2019, the Parliament adopted in final hearing two relevant laws, which are fully satisfactory to the IC members.
2) Insolvency Reform: the final legislative package is expected to be presented before the Parliament shortly.
3) Company law reform: ICS has been involved in drafting commentaries to various provisions of the draft as part of the comprehensive explanatory notes. The draft is expected to go to the Parliament at the beginning of the next year.
4) Law on investment funds: ICS Investment Funds’ Working Group continued working with NBG and MoESD to make the Draft law on Investment Funds more practicable and business-friendly.
The draft will be ready for the legislative process at the end of 2019.
The EBRD’s support for the Investors Council of Georgia forms part of the Bank’s strategy of enhancing business environment reforms.
The EBRD is the largest institutional investor in Georgia with over €3.6 billion investments in more than 239 projects. In addition to being a leading investor in many sectors of the Georgian economy the Bank is also providing advisory services in its commitment to attract additional investors to Georgia.
