EBRD invests €71.9 million in financial sector in 2010

Last year the European Bank for Reconstruction and Development had invested €71.9 million in Georgia’s financial sector, two fifths of the portfolio is in the financial sector, reads a press release. Paul-Henri Forestier, EBRD Director for the Caucasus, Moldova & Belarus announced that this year the Bank hopes to invest a similar amount to the 2010 figure and maybe even more in the country’s financial sector. In the financial sector EBRD’s key priority is to support the stability of the financial banking sector in particular.

The Bank’s focus will be on ensuring adequate levels of capital and supporting the resumption of lending by existing clients in the financial sector. Moreover, the Bank will support rehabilitation, construction and expansion investments in the power sector that will help Georgia achieve security of energy supply while facilitating trading of electricity in the region. Strong emphasis will be put on supporting the enterprise sector. Forestier noted that like many other emerging countries, Georgia has also suffered from the global financial crisis.