The Economic Development Corporation will participate in supporting major sectors such as energy and infrastructure, according to Deputy Economy Minister and Supervisory Board member Irakli Nadareishvili. He said the institution will operate with an expanded mandate and use new financial instruments and development tools.
Nadareishvili noted that the corporation’s mandate is being broadened both in scope and sectoral coverage, allowing it to engage in strategic projects and provide financial support across multiple industries through new mechanisms.
The corporation was presented today by Economy Minister Mariam Kvrivishvili, who introduced its new CEO, Irakli Gabriadze. The entity will largely take over programs previously implemented under “Enterprise Georgia,” primarily focusing on interest rate co-financing for business loans, and may also engage in direct lending.
The International Monetary Fund has expressed caution regarding the new institution, warning it should avoid competing with commercial banks and creating fiscal risks. The IMF said the corporation should instead focus on improving access to finance without displacing private sector lending or burdening public finances.
