Georgian Prime Minister Irakli Kobakhidze announced the establishment of the Economic Development Corporation of Georgia during a government session.
The new institution will be founded on the basis of the Produce in Georgia agency, with several functions, including those of the Development Fund of Georgia, merged into the corporation.
“New instruments will be added to the Produce in Georgia programme, and existing tools will be optimized, enhancing access to finance for the private sector. These new initiatives include initiated loans and measures to develop the capital market. Particular attention will be paid to key sectors, including energy, where companies will benefit from increased access to affordable loans. An investment agency will also be established as an independent entity within the Ministry of Economy, which will actively work to attract new foreign investment to Georgia,” Kobakhidze said.
The investment agency existed as a separate entity until 2017, when the government abolished it and merged its functions into the Ministry of Economy.
