EBRD Plans to Boost Investments in Georgia

Visiting Georgian Prime Minister Zurab Nogaideli held talks with President of the European Bank for Reconstruction and Development (EBRD) Jean Lemierre in London on May 21, the Georgian Prime Minister’s press office reported.
 
During the talks Jean Lemierre said that the EBRD plans to increase investments in Georgia from the current Euro 85 million to Euro 150 million per year, according to the Georgian PM’s press office.
 
The sides decided to set up an investment council in Georgia with the participation of the representatives from the EBRD, the Georgian government and the private sector to promote investment climate in the country.
 
The EBRD President confirmed that the Bank will participate in the rehabilitation of the Inguri hydro power plant and Georgia’s North-South Gas Pipeline, which delivers gas from Russia into Georgia and which is also used for transit of Russian gas to Armenia via Georgia.
 
During the visit to London Zurab Nogaideli also met with Clay Lowery, the Assistant Secretary for International Affairs at the U.S. Treasury Department, and discussed the implementation of the Millennium Challenge Account (MCA) in Georgia.
 
According to the Prime Minister’s press office, the United States plans “to take measures against illegal activities of banks” on the territory of breakaway Abkhazia.