During a media briefing ahead of the annual meetings in Armenia, Odile Renaud-Basso, the President of the European Bank for Reconstruction and Development (EBRD), expressed her concerns over the draft “foreign agents” law in Georgia. This legislation, currently making its way through parliament, would require organizations receiving more than 20% of their funding from abroad to register as agents of foreign influence. Critics argue that this move is authoritarian and influenced by the Kremlin, leading to recent protests in the country.
Alkis Vryenios Drakinos, EBRD’s regional director for the Caucasus, noted that while the investment climate has not yet changed, the draft law poses a threat to what could otherwise be a strong year for the bank’s investments in Georgia. Despite this, the EBRD has been active in the country, with projects in the banking sector, public sector, and private sector investments totaling over 100 million euros.
Renaud-Basso emphasized that Georgia has seen economic benefits from reform progress, but the tension surrounding the draft law could impact the private sector and investment climate, potentially deterring foreign investors. Brussels and Washington have advised Tbilisi to abandon the legislation in order to avoid damaging its chances of European Union membership and a broader Euro-Atlantic future.
To date, the EBRD has invested 5.16 billion euros in Georgia, with approximately half of that in
