![A view of Tblisi [source: EBRD]](http://gastopower.co.uk/media/k2/items/cache/4123338d466baff4d433cd3371ce788a_S.jpg)
The Board of Directors of the European Bank for Reconstruction and Development (EBRD) has adopted a new country strategy for Georgia, which aims among other things to further support renewable energy, resource efficiency and climate change adaptation in the country “to improve competitiveness and resilience of the economy” EBRD said.
The Bank will continue promoting the creation of renewable generation capacity in hydropower, wind and “possibly solar” as well as building transmission lines to connect with regional markets, it said, adding that a special Energy Efficiency Action Plan will be developed to tackle excessive energy consumption.
EBRD's new strategy for the country reflects priorities that have been set by the Georgian government and has been prepared “with the full engagement of stakeholders, such as the government, the private sector, international financial institutions and the donor community” and has received strong endorsement from the Bank’s shareholders, particularly from the European Union, EBRD said.
The strategy, aimed at reinforcing the Bank’s commitment to support the country’s economy over the next four years, also sets among the priorities to continue to foster private sector competitiveness, particularly of SMEs and the local private sector, via the local banking sector. Moreover, in the financial sector the EBRD’s priority will be to deepen financial intermediation and develop local currency and capital markets “to enable the private sector to have better access to finance.”
Another priority for the Bank will be to expand markets through inter-regional connectivity, expanding Georgia’s potential as a regional link through further modernisation of the country’s infrastructure.
Since the beginning of its operations in Georgia EBRD has committed up to Eur3 billion in some 200 projects, with energy accounting for 40% of EBRD's existing portfolio.