Deputy Economy Minister says capital market development Gov’t priority

Georgian Deputy Economy Minister Irakli Nadareishvili on Thursday said development of the domestic capital market was a priority for the Georgian Government and related to one of structural reforms of his Ministry, Azernews reports, citing Agenda News Agency.

Nadareishvili highlighted the importance of a developed capital market at the official closing event of the 18-month Capital Market Support Programme, as part of which seven companies have placed bonds worth more than ?400 million ($153.87mln), the Ministry of Economy said.

Implemented by the European Bank for Reconstruction and Development, the programme aimed at introducing tools for promoting issuance of corporate securities on the capital market.

The main goal of the development of the capital market is to introduce alternative and diversified tools for access to finance in the Georgian market. In this regard, a lot has been done in recent years. Among them, legislative initiatives were prepared and initiated by the Ministry of Economy and the National Bank”, Nadareishvili said at the event.

The Ministry of Economy cited Nadareishvili as saying future initiatives included further development of the capital market ecosystem, including development of private and venture capital funds, specific tools for promoting issuance of securities, and promotion.