National Bank of Georgia and EU to implement new project
Baku, Azerbaijan, August 2
By Tamilla Mammadova – Trend:
The new EU project is aimed at strengthening the capacity of the National Bank of Georgia in the field of banking and payment services, Trend reports with reference to the National Bank.
The project budget is 1.75 million euros and will be implemented by the Polish Financial Supervision Authority within two years. The goal of the project is to bring Georgian legislation closer to EU standards and share EU's best practices.
This project will contribute to the improvement of financial controls, which will be implemented in accordance with EU best practices, and this will ensure the stability and transparency of the Georgian financial sector.
“This partnership project is important for us because its goal is consistent with the mandate of the National Bank - it is the stability of the financial sector and transparency of oversight,” said the director of Bank Koba Gvenetadze.
The joint work of the Georgian and Polish partners should contribute to the gradual convergence of the regulatory, supervisory and law enforcement base in accordance with EU legislation, strengthening the supervisory function and potential of the National Bank of Georgia to regulate the banking and payment services market in accordance with EU legislation and best practices, protecting beneficiaries of the banking and payment services sectors and the development of the financial market in Georgia.