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EBRD President reaffirms commitment to Georgia
Visit to Tbilisi on May 8 and 9, 2001
The President of the European Bank for Reconstruction and Development, Jean Lemierre, will visit Georgia for two days to meet with Georgian government and business leaders and lend support to the EBRD's active investment involvement in the country.
On his first official visit to Georgia since taking office in July 2000, Mr Lemierre will sign a project worth more than $13 million for construction of an oil-tank farm in the Black Sea Port of Poti. It is a private-sector project structured to benefit the entire Caucasus region. The deal underscores the willingness to continue an active investment programme in Georgia, where the EBRD is the largest single investor in the private sector, with cumulative commitments of about $215 million (€191 million).
During talks with President Eduarde Shevardnadze, Mr Lemierre will encourage a continuing priority for reform, and reiterate that the success of measures proposed by the Georgian government to fight corruption and achieve economic stability will depend on effective implementation. He will reiterate the EBRD's view that the Government must demonstrate its commitment to full respect for the rule of law, fighting corruption and further development of structural reforms in order to persuade foreign investors that Georgia's investment climate is improving.
Mr Lemierre also plans to hold talks with local business leaders to hear their views of the business environment and how the EBRD might help encourage new investment.
In particular, the EBRD seeks to:
- Promote restructuring, competition and sound corporate governance in sectors that need to be fully revamped from Soviet times and practices, such as telecoms and energy
- Continue to promote the development of a dynamic private sector, particularly through financing small and medium-sized enterprises (SMEs).
- Help create a reliable financial sector - working with both local and foreign institutions - capable of fulfilling its true functions of transferring resources to the real economy.
- Maximise the privileged location of the country as a regional transportation and natural resources hub.
Mr Lemierre will also meet State Minister Arsenishvili, Speaker of Parliament Zhvania, President of the National Bank Managadze and Minister of Finance Nogaideli.
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