MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

“Capital market reform is a fundamental structural reform involving the Government, the Ministry of Economy, the National Bank, and many other agencies, which we have been implementing successfully alongside the private sector” –Deputy Minister Irakli Nadareishvili said. He attended an event marking the issuance of 200 million GEL in bonds by the microfinance organization Rico Express, supported by foresight brokers under the Enterprise Georgia Capital Market Support Program. Natia Turnava, President of the National Bank, also spoke at the event.

The Deputy Minister noted that the reform includes both a legislative framework and business support instruments implemented through Enterprise Georgia. He informed the public that during the spring session, Parliament will consider a legislative package regarding factoring, Real Estate Investment Trusts (REITs), and other priority areas. “By the end of 2025, the state will have supported the issuance of a total of 900 million GEL in securities” – Nadareishvili noted.

Nadareishvili also highlighted a new instrument for SME development: in January 2026, the government will announce a tender for the asset management of an SME Growth Fund. The state will participate as a lead investor. “By the end of this year, the active portfolio of debt securities will exceed 5.5 billion GEL, with more than half consisting of corporate bonds, signaling active market development” – the Deputy Minister added.

The Deputy Minister also highlighted another business support instrument concerning the development of small and medium-sized enterprises (SMEs). According to Irakli Nadareishvili, in January 2026, the government will announce a tender for the asset management of the SME Growth Fund. “This will be a competition where we will select an asset manager. The state will participate in the formation of the fund as one of the primary investors. We have also developed a program to support the development of investment funds. We have a very rapidly growing economy and a private sector that requires more flexibility in raising capital. By the end of the current year, the active portfolio of debt securities will exceed 5,5 billion GEL, more than half of which is held in corporate bonds—this speaks to the active development of this market” – the Deputy Minister noted.

Irakli Nadareishvili also positively assessed the fact that the bond issuance was organized by a non-banking brokerage company. According to the Deputy Minister, it is important that diversification is occurring in the capital market in this regard as well, which will promote growth and dynamism.