The European Bank for Reconstruction and Development (EBRD) and the National Bank of Georgia presented a joint paper titled "Building the foundations for financial market development: A retrospective of more than 10 years of the European Bank for Reconstruction and Development’s (EBRD) engagement in Georgia". The paper analyzes the role of the EBRD, the National Bank of Georgia, and local financial institutions in shaping the financial landscape of Georgia.
The document focuses on two crucial elements: increasing the utilization of the Georgian lari in the local economy and creating the necessary instruments and infrastructure for sustainable and sound financing of real economy. The paper was supported by the Swiss State Secretariat for Economic Affairs (SECO).
Natia Turnava, the Acting Governor of the National Bank of Georgia, opened the joint event of the European Bank for Reconstruction and Development (EBRD) and the National Bank of Georgia (NBG). In her speech, she highlighted that the analysis presented by the EBRD treasury emphasizes once again that Georgia is a notable example of a small country with an open economy and financial sector. Despite the challenges it has faced, Georgia has achieved significant success in the development of its financial market.
"We are proud that EBRD has chosen Georgia as an example of successful market development reforms. Georgia is an interesting example of a small country, with open economy and financial sector, no major natural resources, with development efforts often threatened to be derailed by multiple shocks of global, regional or local nature. And Georgia has succeeded despite and against all odds. We hope the paper will serve as an inspiration for other countries and support them in their local market development efforts, with the help of EBRD,” noted Natia Turnava.
Axel van Nederveen, the EBRD's Treasurer, addressed the guests of the event. He highlighted that what Georgia has done as a small country with an open economy is absolutely first class. The successful example of Georgia's market development highlights several key messages for other markets wishing to develop local currency financial markets.
“We are very proud to launch this Retrospective of the work done by the National Bank of Georgia with our support since 2010. It highlights some key messages for other markets that want to develop their local currency capacity; developing trust in local currency and improving the risk management capacity in the financial system is the key,” said Axel van Nederveen, Treasurer of the EBRD.
A panel discussion was also held at the event, featuring representatives from Georgian commercial banks, EBRD and Bloomberg.
As part of the joint event between EBRD and NBG, Giorgi Laliashvili, Head of the Financial Markets Department at the National Bank of Georgia, and David Abesadze, Head of the Securities Market Supervision Department, delivered thematic presentations.
Representatives from the financial sector, international commercial banking organizations, and regulatory bodies were also in attendance at the meeting.
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