MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

“The European Foreign Investment Plan is an important instrument in our country,” - the First Vice Prime Minister of Georgia, Minister of Economy and Sustainable Development, Dimitry Kumsishvili stated before the opening of the event dedicated to the EU foreign investment plan.

The EU delegation was headed by the Deputy Director-General for Neighbourhood Policy and Enlargement Negotiations of EU, Katariná Mathernova.
According to the First Vice Prime Minister, 4.1 billion EUR has already been invested within the plan, and this figure is expected to rise up to 44 billion USD by 2020.

As it was noted at the event, the European Foreign Investment Plan is a new EU mechanism aimed at attracting investments in partner countries of Africa and the EU neighborhood. 

The main goal of the plan is to promote inclusive economic growth, create jobs, encourage sustainable development and fight against the factors that lead to irregular migration.

The plan also implies to assist the private investors whose investment plans are directed towards social needs, for the implementation of which private financial resources may be required, along with public finances. The program will help private investors to start and expand such businesses with bank guarantees and technical assistance.

According to Dimitry Kumsishvili, this is an instrument allowing investors to reduce risks.

“This is a set of the warranty mechanisms that our commercial banking sector will receive in order to reduce the risks to these sectors, including SMEs, innovations and other directions, by using these warranty mechanisms and issuing credits to interested parties. This, of course, will encourage the economy’s economy. In the end, this is the instrument that will enable big investors to enter the Georgian market with large investments, and provide the possibility for the small projects to reduce risks according to a portfolio,” - Dimitry Kumsishvili declared.

According to the First Vice Prime Minister, practically all investment banks in Georgia, including the European Bank for Reconstruction and Development, the European Investment Bank and the German Credit Bank will be involved in this instrument.

“Accordingly, the amount depends on us,” - the Minister of Economy added.