Ekaterine Mikabadze: The Aim of Recent Reforms Was Not Only to Increase Issuances, but Also to Strengthen Market Reliability, Transparency, and Sustainability

The First Vice-Governor of the National Bank of Georgia (NBG), Ekaterine Mikabadze, participated in a panel discussion held within the framework of the International Capital Markets Conference organized by TBC Capital. The discussion focused on the achievements to date and future prospects for the development of Georgia's bond market.

"The reforms implemented in the country by the Government of Georgia and the NBG to develop the capital market were based on the principle that market growth and investor protection are parallel and equally important objectives. Accordingly, the aim of the reforms implemented in recent years was not only to increase issuances, but also to strengthen market reliability, transparency, and sustainability," noted Ekaterine Mikabadze.

The First Vice-Governor of the NBG also emphasized the importance of financial intermediaries in enhancing the inclusivity of the capital market. As she pointed out, increasing the participation of retail investors (individuals) in the public securities market particularly in segments where they are currently underrepresented requires, among other factors, the proactive involvement of brokerage companies and commercial banks. This includes simplifying access channels and reducing transaction costs.

Alongside Ekaterine Mikabadze, the panel discussion featured David Urbaneja-Furelos, Head of the Asian Development Bank's Private Sector Infrastructure Finance Group for the Caucasus; Irakli Nadareishvili, Deputy Minister of Economy and Sustainable Development; Giorgi Danelia, Chief Investment Officer of Wissol Group; and Ekaterine Kavtaradze, Director of Tegeta Holding.

The second annual International Capital Markets Conference was held with the support of the National Bank of Georgia and brought together over 450 participants, including representatives of international financial institutions, investment banks, investors, issuers, and regulatory bodies.