The government of Georgia has announced plans to consolidate the existing mechanisms for supporting domestic businesses into a single state development bank. This was announced by the Head of the Cabinet of Ministers, Irakli Kobakhidze. The initiative involves the Georgian Development Fund and the "Produce in Georgia" program, which have performed similar functions for many years and will now be integrated into a single structure.
The new state bank will not be a commercial institution: its activities will focus on financing and co-financing business projects of Georgian companies. This reorganization will improve efficiency, reduce administrative expenses, and optimize budgetary spending on management.
"A unified institution will be created, which will be endowed with the appropriate functions to support Georgian production, which is a very important initiative," Kobakhidze noted. The creation of the bank will be part of a large-scale reform program to improve public administration in the country.
