The Georgian government has approved a structural reform that will transform Enterprise Georgia into a new institution, the Economic Development Corporation of Georgia, to improve access to finance and supporting long-term economic growth.
The newly established corporation will operate as a public legal entity, with the state as its founding partner. Oversight will be assigned to the State Asset Management Agency, which has been tasked with appointing members of the supervisory board within 30 days of the government decree.
In addition, the Ministry of Economy and Sustainable Development of Georgia will appoint an independent member to the supervisory board to strengthen transparency and governance.
Officials note that the Economic Development Corporation will not operate as a traditional bank but will perform similar financial functions. Its main reason is to expand access to capital for businesses, enabling enterprise development and attracting investment into the Georgian economy.
The reform also includes closer integration of state economic instruments, as the new corporation will combine the efforts and resources of the Georgian Development Fund and Enterprise Georgia.
The creation of the Economic Development Corporation is part of a bigger policy to stimulate business activity.
