Economics

EU Bank opens Regional Representation for Southern Caucasus

The European Investment Bank (EIB) is opening a Regional Representation Office for the Southern Caucasus to enhance its support for the public and private sectors and strengthen relations with promoters, partner banks and other IFIs in the region.
The office, located in Tbilisi, was inaugurated today by EIB Vice President Wilhelm Molterer in the presence of Georgia’s Prime Minister Irakli Garibashvili and the EU’s Ambassador to Georgia Janos Herman. It will cater for business in Georgia, Armenia and Azerbaijan.
A presence on the ground will ensure market proximity and an increased operational delivery capability for the EIB, as well as closer institutional ties with the national authorities.
The EIB has accelerated its lending activities in the region over the past five years, and at the end of 2014 these stood at €726 million: €493 million in Georgia; €217 in Armenia; and €25 million in Azerbaijan, where the first operation was signed last year.
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