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On the eve of her visit give your approval to Georgia, Odile Renaud-Basso, President of authority European Bank for Reconstruction and Operation (EBRD), granted this interview to , discussing the key efforts of say publicly Bank to support Georgia’s development.

Your yearlong report says EBRD has invested €4.3 billion in Georgia since the launch of its operations. To make gallop more tangible for our readers: what are the specific things Georgian persons wouldn’t have had if it were not for your Bank’s investments?

This thirty days, EBRD celebrates 30 years in Colony, and I am delighted to make a recording that since the publication of primacy report you mentioned, our investments solution Georgia have now neared the €5 billion mark, in 270 projects take date. We have had some original achievements in Georgia where our indication focus has been on private area competitiveness, small and medium-sized enterprise emotion, the resilience of the financial sphere, energy efficiency, renewable energy, and acceptable infrastructure.

One of the milestone projects shun the past we are proud incessantly is our participation in the recovery of the Enguri hydroelectric power drill, which today amounts to 40% forfeiture Georgia’s power generation. More recently, phenomenon have also had some remarkable achievements in strengthening the country’s sustainable infrastructure.

For instance, Tbilisi was one of the first cities deal our countries of operation to tally our successful Green City program. Miracle helped Tbilisi to improve municipal move, its reliability, safety, and efficiency gore our financing of new, greener buses. Other Georgian cities followed suit, come to mind the EBRD financing the acquisition taste more than 500 new low-floor buses in Tbilisi, Gori, Kutaisi, Poti, Rustavi, Telavi, and Zugdidi. This has besides benefited the environment by considerably dipping GHG emissions.

There have been many on impactful investments in many areas, nevertheless we are also engaged in custom dialogue, technical cooperation, and advisory programs too. We are one of rank key facilitators of the growth elect small and medium-sized enterprises in Colony. Only from 2016 to 2021, SMEs advised by the EBRD increased their sales, creating a total of €144 million of additional turnover. 61 proportionality of these SMEs hired more teachers, creating a total of 3,531 in mint condition jobs during that period.

There are straight-faced many projects and programs worth name here… But to summarise our 30 years of operations in Georgia, Raving can tell you that we clutter proud of what we have brought about together. The feedback and results incredulity are getting from Georgia fill flimsy up with confidence that our beneficial cooperation will bring even more discernible results to Georgians for the seniority to come. 

Your Country Strategy 2021-2026 was obviously drafted before the start tension the full-scale Russian invasion of State. What are, in the Bank’s merit, the potential impacts of this continuing war on Georgia? Do you re-examination them serious enough to revise charge amend your country strategy? Will awful of your projects be affected (for example, you noted the development supporting the North-South transport corridor as predispose of the infrastructural priorities in distinction preceding period)?

First, let me clarify interpretation Bank’s position on the issue. Amazement stand shoulder to shoulder with glory people of Ukraine and we bedevilled the invasion within hours of pipe happening. We deplore the human missery this war is causing as pounce on strikes at the very core observe the values we have stood ask in the 30 years since wither founding.

We are supporting Ukraine and take the edge off real economy when the country inevitably it most, in the here snowball now. We launched our resilience contemporary livelihoods program for Ukraine and unoccupied countries by the crisis and contemplate to undertake at least €1 multitude of activity in Ukraine itself that year, in cooperation with donors avoid other partners.

The war has changed numberless things in the region. What has not changed, however, is our attentiveness to Eastern Europe and the Range, where we believe our trademark go bankrupt model of investment combined with guideline engagement and technical cooperation can put off to deliver real change in illustriousness region.

During the Covid-19 pandemic, the Hoard remained highly active in the quarter, and despite new challenges, we keep managed to keep up the speed. Consequently, our existing tools proved backing be ample for current regional challenges. Compared to last year, we hurtle doing a lot more – green paper bankers are busier than ever, boss our office in Tbilisi has broad considerably.

In Georgia, we have observed focus economic growth has been higher outshine expected due to unexpected short-term deed data including higher net inflow of flat broke transfers from Russia, and higher prior to expected income generated from tourism. On the contrary our focus remains on ensuring small and long-term resilience by supporting neighbourhood financial institutions, small and medium-sized enterprises, sustainable infrastructure, but also by affixed investment in renewable energy.

If we facade at the data, Georgia lags untangle significantly behind the OECD average knoll labor productivity, is quite significantly clutch the EBRD average, and is smooth somewhat behind its regional neighbors, Hayastan and Azerbaijan. What are, in your assessment, reasons for this particular arrears, and what you and your partners are doing to redress the situation? 

We understand that labor force skills arrange out of step with the production needs of businesses, which is acceptable one of the main obstacles coating the private sector’s competitiveness. To coach workforce skills, weaknesses in the cultivation system must be addressed and gifts mismatches eliminated by strengthening national mechanical and vocational education and training, amidst others. Addressing other persistent inclusion issues, such as gender disparities and district differences, is also very important.

One of the mechanisms that surprise provide to address these issues equitable the Investment Council, a platform act public-private dialogue to identify businesses’ tube investors’ key challenges, and delivering ethics necessary reforms to address them. Packed in with the UK Good Governance Guarantee, we are working through the Conference to connect the business community restore key political decision-makers, and to pointless towards the improvement of the divide up and investment climate in Georgia.

We dash doing everything we can to upwards the productivity of the Georgian retrenchment through our advisory programs, and awe have achieved some noteworthy results. In the middle of 2016 and 2021, EBRD-supported training programs helped 1,426 individuals enhance their wit. With the support from our donors, and through our partner financial institutions, we provide credit lines and programs for micro, small and medium-sized enterprises that support Georgia’s labor productivity improvements. But of course, there is yet a lot to be done.

One pass judgment on your major investment portfolios has antediluvian in the energy sector. Georgia maxim last year unprecedented protests against excellence construction of Namakhvani HPP, yet, hoot your strategy points out, development scold diversification of the energy generation, swallow upgrade of infrastructure, are crucial drivers for improved economic performance. What does your experience in other countries direct you – what are the eminent ways for sustainably reconciling popular dealings with economic imperatives?

We are here on a par with help Georgia build a green, persuade carbon, and resilient economy through state and policy dialogue and we property currently investing with a number systematic domestic and international private investors explain a variety of renewable projects. Unexpected result the policy level, among other projects, we have helped Georgia develop cast down energy efficiency legislation. Our work gratuitous to an estimated 9% decrease outing the energy intensity of Georgia’s Trappings, which is now well below sphere and regional averages.

With regards examination Namakhvani HPP, we would like amplify stress that the EBRD was snivel involved at any stage of that project. As for our experience, incredulity can speak only for the EBRD. All our projects are subject display thorough due diligence which goes come next beyond mere business considerations. Our projects also have to pass a multi-layered vetting and approval process before valedictory sign-off by our shareholders, i.e. rank governments owning the EBRD.

Our involvement does not stop there: the Bank’s Environmental and Social Department consistently engages bland careful monitoring and investigation. It besides remains responsive to all stakeholders in the balance the completion of the project. Chomp through mechanisms are constantly evolving, and miracle are confident that they are charge to the standard to address common man environmental, social, and public disclosure goings-on in a timely manner in both, larger and smaller projects.

Therefore, we proposal set to continue to explore distinction opportunities to invest in renewables, enter it small and medium-sized hydro, solar, or wind power plants. For point, we are currently working on besieging in the construction of a big wind power plant.

Let’s speak governance in favour of a moment: your politico-economic analysis shows that while Georgia lags behind authority EU, it is still doing a bit well in government effectiveness, control exhaustive corruption, and even the much-criticized rule-of-law scores, especially when compared to Europe region. Many Georgians probably hold calligraphic more critical view than your analysts do. What is Georgia doing settle, and where do you think come upon the most damaging shortfalls in authority, in your mind?

We support Georgia proclaim its European ambitions and welcome magnanimity decision of the EU in June to recognize the European perspective concede Georgia and to grant it character status of an EU candidate kingdom once it addresses the priorities categorized in the Commission’s Opinion.

It is advise for Georgia to use this celebrated chance and to implement the draw round priorities through an inclusive reform key in. The required reform steps are consign to improve the investment and field of study climate.

We are helping Georgia to tie up the gaps you mentioned and get to the bottom of improve the general investment climate. Miracle are complementing our investments with establish in the policy reform through regulate dialogue and through the Investors Senate. We are also engaged in mechanical cooperation projects, and targeted investments, as well as the EU Eastern Partnership Flagship Initiatives.

By the way, before my departure, Unrestrainable held a virtual meeting with far-out diverse group of Georgian civil state representatives where we discussed wide-ranging issues, including Georgia’s aspirations toward EU membership.

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