Georgia's Minister of Economy and Sustainable Development, Mariam Kvrivishvili, revealed details of the creation of the Economic Development Bank. The new structure will be responsible for financing priority areas and supporting businesses of various sizes — from small businesses to large companies.

According to the head of the ministry, the institution will cover virtually all sectors; however, special attention will be given to areas requiring additional incentives. Among the key objectives are the development of local manufacturing to reduce dependence on imports, as well as support for the energy sector. The authorities expect that the bank will become a tool for flexible responses to economic challenges.

It was previously reported that the new structure will replace the Georgia Development Fund and the "Produce in Georgia" program. The corresponding decree on the reform has already been prepared. As Prime Minister Irakli Kobakhidze noted, the changes are aimed at increasing the efficiency of managing state financial resources.