With the support from the European Bank for Reconstruction and Development (EBRD) the Georgian government is establishing Investors Council with the participation of business community to identify and address specific obstacles that investors face.

EBRD President Suma Chakrabarti and Georgian PM Irakli Garibashvili signed a memorandum of understanding about setting up of the council in Tbilisi on May 12.

15-member Investors Council, chaired by the PM, will bring together business ombudsman and other representatives of the government, as well as representatives of business associations and international investors.

“This Investment Council is a crucial platform for promoting constructive dialogue between the private and public sector, as well as stimulating local and foreign investment by addressing those very obstacles that investors face,” said EBRD President Chakrabarti after signing of the memorandum.
 
“With this initiative Georgia is taking an important step towards further improving the development of the private sector,” he added.
 
The EBRD is financing the activity of the Investor Council’s secretariat.

“Investors Council will create new platform of dialogue between the government and business, promote cooperation and develop business climate in the country,” PM Garibashvili said.

“Under the memorandum the government will identify those specific areas, where government actions with the support of EBRD will make it possible to significantly improve business climate. We will of course consider thoroughly and implement those proposal, which will be offered by the business community and those [proposals] will be discussed at the Investors Council,” he said.

EBRD President Suma Chakrabarti’s visit comes ahead of the Bank’s Annual Meeting and Business Forum in Tbilisi on May 14-15. Government delegations from about 60 countries are expected to arrive in the Georgian capital for the event.

Also on May 12, the EBRD President and Georgia’s Finance Minister Nodar Khaduri signed agreements on extending a sovereign loan of EUR 7 million to Georgia to introduce a modern solid-waste management system covering the collection and disposal of municipal solid waste in Kvemo Kartli region. The EBRD financing will be complemented by grant funding of EUR 3 million from the Swedish International Development Cooperation Agency (SIDA).