At a meeting of the Economic Policy Committee, the Deputy Economy and Sustainable Development Minister, Vakhtang Tsintsadze, presented the draft law on declaring invalid the Law on the Joint Stock Company “Georgia Development Fund”.

According to the reporter, the objective of the draft law is to consolidate instruments supporting small and medium-sized enterprises. He noted that this consolidation will be implemented within the framework of the Produce in Georgia agency, which will conceptually be transformed into the Georgia Economic Development Bank.

“As a result of the liquidation of the Georgia Development Fund, the Georgia Economic Development Bank will be established, which will address the challenges facing the country’s economy and fully implement Georgia’s national interests”, - the Deputy Minister stated.

According to the Committee Chair, Shota Berekashvili, the Georgia Development Fund has implemented a number of important projects; however, the need for reform has now arisen. He emphasized that the Georgia Economic Development Bank will effectively support local production and promote small and medium-sized businesses.

“The establishment of the Bank in the direction of sectoral development of the country’s economy is a significant step forward. This reform will have a positive impact both on the creation of new jobs and on economic growth. Ultimately, this process is important for the population of our country and for Georgia’s economic prosperity”, - stated Shota Berekashvili.

The Committee approved, in the I reading, the draft law declaring invalid the Law on the Joint Stock Company “Georgia Development Fund”.