2014-12-09
The volume of foreign direct investments in Georgia, amounted to 508 million USD in the 3rd quarter of 2014 that is 99% more that the specified rating of the 3rd quarter in 2013, - the Prime Minister of Georgia Irakli Garibashvili stated at the meeting with the representatives of International Financial Corporation.
The parties discussed the investment potential of Georgia, steps made for the purpose of compliance with international standards of investment legislation and prospects of strengthening cooperation with International Financial Corporation. According to IFC representatives, they welcome the growth of foreign direct investments that demonstrates the factor of trust.
The Head of the Georgian Government informed the guests on the reforms made in the country. According to him, amendments were made in the law on Georgian investment Agency and steps were taken for the purpose of compliance with international standards of investment legislation.
Changes in the rate of Georgian Lari were also discussed at the meeting. According to the World Bank's chief economist for Europe and Central Asia Hans Timmer, there is no threat for the stability of national currency of Georgia.
"At the meeting we discussed the changes in the rate of Georgian Lari, caused by different factors. Among them, one of the main reasons is the concept that we, economists know, as the changes in comparative prices. Recently Euro prices have been significantly decreased and at the same time the value of dollar has been increased. It was reflected on Lari as well, which does not mean that Lari has problems. On the contrary, Lari is flexible; the changes demonstrated its stability as the currency components in the country corresponded these currency fluctuations," - Hans Timmer stated after the meeting.
IFC - the member of the World Bank team is the largest development-oriented international institution. Georgia became its member in 1995. IFC investments supported implementation of regional projects in the country. Besides, IFC consultation projects help the development of private sector.
The meeting, held in the Government Administration was attended by regional manager of Europe and Central Asia Lisa Kestner, global specialist for products Roberto Echandi, regional director of the World Bank in the South Caucasus Henry Keral.
Prime Minister's Press Service