Georgia to create Development Bank

Photo: Georgia to create Development Bank / Georgia

Tbilisi, Georgia, April 25

By Nana Kirtzkhalia - Trend:

Georgian government submitted a draft law "On Georgia's Development Bank" to the country's parliament on April 25.

As a result of the reorganization of the country's Partnership Fund, there will be created the Development Bank of Georgia JSC, according to the draft law. The law regulates the procedure of creation of the bank, the legal basis of its activity and its main functions.

Georgia's Development Bank will be authorized to issue loans through commercial banks, to provide guarantees, to issue bonds, as well as to carry out other activities envisaged by the country's law.

The country's Development Bank will not be allowed to place the population's funds on deposits and to carry out nominal transactions, according to the draft law.

The draft law also defines the structure of the bank management, the powers of its Board of Trustees and president.

Moreover, the draft law has a number of additional provisions on reorganization of Georgia's Partnership Fund.

Translated by L.Z.

Edited by C.N.

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