Archil Bakuradze, Supervisory Board member of the microbank Crystal, believes that the government’s planned Development Bank will fill an important niche that the country’s economy needs.
Responding to a question from BMG, Bakuradze said that more detailed assessments will be possible once the mandate of the new institution becomes clearer. However, he already expects that the new entity will not be a competitor to commercial banks.
According to him, over the past decade the government has actively supported economic development through various instruments, and many of these tools, including the “Enterprise Georgia” programs, have proven highly effective. Bakuradze notes that if these initiatives are consolidated into a single platform in the form of a state bank, it would be “reasonable and welcome.”
“I believe the Development Bank will fill an important gap that the economy needs. The private sector is strong and will always have its place, and a state bank will not directly compete with commercial banks. On the contrary, it will help strengthen the sector’s stability, development, and most importantly, its contribution to the country,” Bakuradze said.
