The Georgian government has issued a decree to reorganize the "Enterprise Georgia" agency, resulting in the creation of a new institution – the Economic Development Corporation of Georgia. This step aims to increase access to finance for businesses and implement structural reforms that will contribute to the country's economic growth.
The new corporation will be a public legal entity, with the state as the founding partner. The State Asset Management Agency of the Ministry of Economy and Sustainable Development will be the primary governing body of the corporation. The State Asset Management Agency has been tasked with appointing members of the supervisory board within 30 days, as per the decree.
As noted in the government session, the new Economic Development Corporation will not be a traditional bank, but will operate with functions similar to those of a bank. The corporation is designed to ensure that businesses have access to the financial resources they need, thereby facilitating enterprise growth and attracting investment.
The Georgian Development Fund and Enterprise Georgia will merge their efforts, enabling the corporation to operate more effectively. Under this reform, the Ministry of Economy will appoint an independent member to the supervisory board, which will help make business-government relations more transparent.
