A new EU project on supporting the National Bank of Georgia (NBG) was launched today.  Implemented by the Polish Financial Supervision Authority (UKNF) the two year project with a total budget of 1.75 million EUR will  improve Georgia’s overall financial supervisory mechanisms in line with the EU best practices to ensure stability and transparency of the Georgia’s financial sector.

Speaking at the launch event, Mr. Koba Gvenetadze, Chairman of the Board of the National Bank of Georgia, noted: “NBG is the forward looking regulator, always exploring new opportunities, studying and implementing best practices. Therefore this Twinning Project is of utmost importance for the NBG, as the goal of the Twinning Project goes hand in hand with the mandate of the NBG - to ensure stability and transparency of the financial sector by assisting NBG to improve overall financial supervisory mechanisms in line with the EU best practices”

 Mr. Vincent Rey, Head of Cooperation at the EU Delegation stated: “The European Union is expanding its support to the financial sector in Georgia. This EU twinning project is pioneering our support to economic development and financial stability through further approximation of Georgia's banking and payment supervision frameworks to the EU ones, as committed within the AA/DCFTA".

More specifically, the project shall contribute towards:

• gradual approximation of the regulatory, supervisory and enforcement framework in line with the EU legislation and the requirements under the EU-Georgia Association Agreement;
• strengthening the NBG’s supervisory functions and capacities in terms of regulating the banking and payment services market in line with the EU acquis and best practices;
• delivering support in improving an effective financial supervisory mechanisms to protect beneficiaries of banking and payment services sector and encourage financial market development in Georgia.

The following high level officials were also present at the launch event:

• Mr. Bartłomiej Gątarz, Charge d’affaires, Embassy of the Republic of Poland in Tbilisi
• Mr. Jacek Jastrzębski, Chair of the KNF Board - Polish Financial Supervision Authority
• Mr. Archil Karaulashvili, Director General of the Directorate General for European Integration, Ministry of Foreign Affairs of Georgia
•  Mr. Michał Kruszka, MS Project Leader from the Polish Financial Supervision Authority, Director of the Analysis and Strategy Department
• Mr. Archil Mestvirishvili, BC Project Leader, Member of the Board of the National Bank of Georgia, Vice-Governor

Moreover, the representatives of the Georgian commercial banks, Ministry of Economy, Ministry of Finance, Insurance State Supervision Agency, Payment Service Providers as well as media participated in the opening event.

For more information, please contact: Mr. Jarosław Hornowski, Resident Twinning Adviser, Twinning Project Office, National Bank of Georgia, e-mail: Jaroslaw.Hornowski@nbg.gov.ge