The Georgian government is creating a new institution on the basis of the “Enterprise Georgia” program to improve business access to finance. The entity, named the Economic Development Corporation, will combine the functions of the Georgia Development Fund and focus on sector-specific support, including energy.
Prime Minister Irakli Kobakhidze said the corporation will optimize existing instruments, introduce new financing tools, and expand access to low-cost loans and capital market instruments for the private sector. An independent investment agency will also be established within the Ministry of Economy.
Previously planned as the “Economic Development Bank,” the new institution will operate with bank-like functions but is not a classical bank. The Parliament recently approved the liquidation of the Georgia Development Fund to facilitate the merger.
