Georgian President Giorgi Margvelashvili met in London President of European Bank for Reconstruction and Development (EBRD) Suma Chakrabarti on September 3.

Margvelashvili, who is visiting the UK as he will be attending the NATO summit in Wales on September 4-5, welcomed further deepening of long-standing cooperation between Georgia and EBRD.

EBRD President Chakrabarti, who visited Tbilisi last year, said that Georgia “is a leading reformer in the EBRD region.”

“The Bank is eager to support Georgia’s further economic development and to reinforce the country’s strong growth outlook for the long term,” he said.

According to EBRD, 2014 is expected to be a record year for the bank in Georgia with an estimated EUR 250 million investment, twice the amount invested in 2013.

“A stable economy and a predictable business environment are key to further increases in domestic and foreign investment. The signing and ratification of the Association Agreement with the EU and the creation of the deep and comprehensive free trade areas will enhance further the potential of the country. We will cooperate closely with the authorities as they work towards a stable economic future,” said the EBRD President.

EBRD plans to hold its annual meeting of board of governors, accompanied by a business forum, in Tbilisi in May, 2015.

In September, 2013 EBRD approved its new strategy for Georgia according to which the Bank’s priorities in the country over the next three years will focus on strengthening private sector investment, modernizing the energy sector and promoting Georgia’s regional and global economic integration.

“The Bank will also support the new Georgian government’s priority of making growth more socially inclusive by, for example, improving the quality of municipal services in less-developed regions of Georgia,” according to the strategy.