Gigla Mikautadze, the project manager of ReforMeter, was invited to a business forum dubbed “Bond Market in Georgia” organized by TBC Capital on June 15, 2018. One of the major highlights of the forum was a research paper entitled “Bond Market in Georgia”, which concerned the trends and challenges that TBC Capital presented to the forum attendees.

According to the paper, the corporate bond market followed in the footsteps of the government bond market, but at a slower pace. Bank of Georgia issued the first corporate bond in 2005 (USD 2 m in par value), but the public corporate market did not grow noticeably until 2014. In that year, the NBG started accepting GEL-denominated corporate bonds as collateral from commercial banks, fueling both bond issuance and commercial activity. As a result, public corporate bonds outstanding more than quadrupled from GEL 56 m in 2014 to GEL 232 m in 2017. Nevertheless, the ratio publicly issued corporate bonds to GDP is still low at just 0.6% in 2017.

The ISET Policy Institute presented to stakeholders the Regulatory Impact Assessment of the Draft Law of Georgia on Entrepreneurs at ISET on May 2. The project was prepared by the ISET Policy Institute with the support of GIZ and PROLoG/USAID.

In 2013, as a follow-up on public consultations on improving the acting company laws in Georgia, a working group was established to elaborate a new Draft Law of Georgia on Entrepreneurs. The working group was created under the Private Law Reform Council of the Ministry of Justice of Georgia, and the USAID-funded Judicial Independence and Legal Empowerment Project, which was succeeded by the Promoting Rule of Law in Georgia (PROLoG) Activity. Both projects were implemented by the East-West Management Institute (EWMI), which also served as a cooperating partner. The group was comprised of Georgian academics and legal practitioners, with international experts providing consultations.

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