PM: Georgia to establish Economic Development Corporation under new reform plan

Prime Minister Irakli Kobakhidze on Wednesday said the government will establish a new institution named the Georgia Economic Development Corporation as part of a broader reform of state economic support structures.

Speaking at a government meeting, Kobakhidze said the body will be created on the basis of the Produce in Georgia agency and will incorporate several functions, including those currently carried out by the Georgia Development Fund.

He said new financial instruments will be added to the Produce in Georgia programme, while existing mechanisms will be optimised to improve private sector access to finance.

He further noted the initiative will include subsidised loan instruments and capital market development tools.

Kobakhidze also said particular focus will be placed on strategic sectors including energy, where companies will gain improved access to lower-cost financing.

He also announced that a separate investment agency will be formed within the Economy Ministry as an independent body tasked with actively attracting new foreign investment into Georgia.