The financial, agriculture and energy sectors will remain the top priority in Georgia for EBRD in 2012, according to Olivier Descamps, the Business Group Director of the European Bank for Reconstruction and Development (EBRD).

Speaking at a press conference on December 14, Descamps once again reaffirmed the EBRD’s commitment to support the development of the Georgian economy, the financial sector and to promote further reforms. He said that about $150 to 200 million will be invested in Georgia next year.

“We’re not a project organization, we are a demand organization, so how much money will be needed and how much to earmark will be discussed,” Descamps said.

In 2011, the EBRD invested $250 million in Georgia which went to finance 21 projects. “60% went to the financial sector, one-quarter to finance hydro-power projects, while the other 15% went to the enterprise sector” Descamps told Georgia Today.

In 2010, the EBRD’s investments totaled　348.6 million Euro. Since the beginning of its operations in Georgia, the EBRD has invested approximately 1.6 billion Euro in over 143 projects.

Descamps visited Georgia on December 13-14 and met several senior officials including PM Nika Gilauri, Minister of Finance Dmitri Gvindadze, Minister of Energy and Natural Resources Alexander Khetaguri, President of the National Bank Giorgi Kadagidze, as well as representatives of international financial institutions and those in the diplomatic and donor community.

Estimating the country’s economic performance Descamps noted on Wednesday that “Georgia has done very well.” According to him, as a result of government efforts, the economic situation has remained stable. “The government has maintained a very strong macro-economic policy,” he added.

Apart from hailing the government’s fiscal policy, Descamps commended the handling of the state debt. “The country itself has a strong position. The banking sector has recovered and foreign investors are evaluating the country’s potential positively,” he added.

However, Descamps noted that the work “is not finished.” He explained this by saying that reviving and increasing the role of the public sector is very important. He also added that in terms of infrastructure development “it is very important” to improve municipalities infrastructure.

In his general comments, he underscored that “the rule and law... and good regulation is the recipe for future success.”

Source: www.georgiatoday.ge