TBC Capital, with the support of National Bank of Georgia, hosted the International Capital Markets Conference in Tbilisi. Held for the second time, the event brought together up to 500 participants from Georgia and across the wider region.
Against the backdrop of the region’s growing role in the global economy, interest in capital markets continues to rise. In response, the conference convened international investment banks, institutional investors, issuers, and regulators under one roof to discuss key developments and opportunities.
At the invitation of TBC Capital, representatives of leading global financial institutions attended the conference, including J.P. Morgan, Citi, Morgan Stanley, ICBC Standard Bank, Oppenheimer, Ashmore Group, Aberdeen, Vontobel, MetLife Investment Management, European Bank for Reconstruction and Development, Asian Development Bank, International Finance Corporation, Fitch Ratings, S&P Global, Baker McKenzie, and Latham & Watkins.
This year, the conference was held in an expanded format, focusing on global and regional trends as well as emerging investment opportunities. Particular attention was given to Georgia and Uzbekistan. Speakers reviewed Georgia’s capital market, which has tripled in size over the past four years to reach GEL 3 billion. Discussions also covered Uzbekistan’s ongoing economic transformation, which is creating new opportunities for investors.
“Amid growing interest in securities, the International Capital Markets Conference has already become a tradition. This year, the event brought together more than 450 partners and international experts, including representatives from leading global banks.
Georgia’s capital market has become significantly more active: over the past five years, the average annual growth rate has reached 29%, while last year alone saw a 19% increase, with the total volume of public and private placements reaching GEL 2.9 billion. TBC Capital continues to maintain a leading position in the local market, holding a 56% share. As for international bonds, since 2018, 16 Eurobonds have been issued from Georgia, with TBC Capital participating in 12 of these transactions.
Through the Capital Markets Conference, by sharing experience with international partners and discussing successful case studies, we contribute to the growth and strengthening of Georgia’s capital market,” said Giorgi Tkhelidze.
“The Georgian financial sector remains strong, resilient, and stable, continuing to play a decisive role in attracting foreign direct investment.
At the same time, further diversification of the financial sector—particularly through the development of capital markets—is essential to broaden funding sources and support long-term, sustainable growth.
The development of Georgia’s capital market has accelerated significantly in recent years, and 2025 marked another year of strong and tangible progress.
By the end of 2025, the volume of outstanding public corporate bonds increased by 33.3% year-on-year to reach GEL 2.7 billion. In addition, 2025 recorded the highest issuance activity in history, with new issuances totaling GEL 1.58 billion,” said Natia Turnava.
As part of the conference, participants held one-on-one meetings with international banks and institutional investors, fostering stronger regional capital markets, enhancing Georgia’s investment potential, and supporting the attraction of new international investors.
