Prime Minister Irakli Kobakhidze has confirmed that the planned Economic Development Bank may also finance energy projects, supporting remarks earlier made by Economy Minister Mariami Kvrivishvili. Speaking to BMG, he said the new institution will operate similarly to the Energy Development Fund, potentially taking on some of its functions.
Kobakhidze described the bank as a “multi-functional institution” that will consolidate the work of several existing agencies, though full details will be announced once the reform is finalized. When asked whether the bank would issue loans, he repeated that its model would resemble that of the Energy Development Fund. Still, he did not clarify whether the Fund itself would be merged or dissolved, saying decisions would be communicated once confirmed.
The initiative was revealed in the government’s legislative agenda, which shows that establishing the bank will require amendments to the Law on Commercial Banks, changes expected to be considered during the spring parliamentary session. The government has already announced that the Georgia Development Fund will merge with Enterprise Georgia, forming the basis of the new development institution.
This is not the first attempt to create such a bank. A similar initiative was introduced in 2014 but never became law. The revived plan reflects the government’s intention to create a state-backed institution capable of financing key sectors and directing funding to areas that need targeted support.
