PM Kobakhidze: Georgia’s Economic Development Corporation will back both SMEs and major strategic projects

“Georgia’s new Economic Development Corporation will support both small and medium-sized enterprises and large projects of strategic importance, and will help attract up to GEL 40 billion in new investment over the next decade,” Prime Minister Irakli Kobakhidze said at the corporation’s launch.

He affirmed that the administration’s objective is to provide entrepreneurs with uninterrupted state support, spanning from initial start-up to market entry both domestically and abroad.

“The corporation will have a much broader mandate. It will build on existing successful experience and, by merging with other mechanisms, will become a modern, large-scale institution. The corporation will support small and medium-sized enterprises, and large strategic projects. Existing mechanisms will be retained, and new tools will be introduced. The corporation will also help develop alternative funding sources by investing in private investment funds. Ultimately, the government will have even more flexible and wide-ranging tools to strengthen the private sector.

Our objective is to provide entrepreneurs with uninterrupted state support, spanning from initial start-up to market entry both domestically and abroad. Over the next decade, the corporation will help attract up to GEL 40 billion in new investment.

I thank the Minister of Economy, the deputy ministers and everyone who came up with the idea of the corporation and helped make it a reality. Thank you all. Congratulations on the creation of the corporation, and I wish it every success,” Kobakhidze said.