GD Deputy Minister of Economy and Sustainable Development, Irakli Nadareishvili, engaged in a working meeting organized by the Produce in Georgia Agency to discuss new initiatives for the development of investment funds.
The meeting, held with the support of the World Bank, was attended by First Vice-President of the National Bank of Georgia (NBG) Ekaterine Mikabadze, potential investors and representatives of financial institutions, the business sector and donor organizations.
In addressing the meeting participants, Irakli Nadareishvili stressed that the development of investment funds was one of the strategic directions of the country’s economic policy.
“Capital market development is one of the key structural reforms that the Ministry of Economy and Sustainable Development has been actively implementing over the past 5 years in cooperation with the National Bank and international financial organizations. We have created a solid legislative framework that plays a fundamental role in the success of this reform,” he said.
The Deputy Minister spoke about positive tendencies in the private sector, stressing that since the registration of the first investment fund in 2021, their number increased to 19, while total assets went up by an average of 60% annually.
“Our goal is to facilitate the establishment of private equity funds focused on the growth of small and medium-sized enterprises. This initiative will contribute to the development of alternative financing mechanisms for small and medium-sized businesses,” Nadareishvili stated.
The Deputy Economy Minister concluded by saying that the Produce in Georgia Agency worked on the establishment of a private equity fund in which it would play a limited partner role. In the coming years, with the support and direct participation of the state, the Ministry planned to support several private equity investment funds, with a total capitalisation of up to 200 million GEL.
