EU to Allocate 1.75 million EUR to National Bank of Georgia
EU has launched a new project to strengthen efforts that the National Bank of Georgia will take in the fields of banking and payment services.
The project’s budget makes up 1.75 million EUR and the Financial Supervision Service of Poland (UKNF) will implement the project for 2 years.
Objective of the project is to harmonize the Georgian legislation with EU standards and introduce the best EU practice. The project will improve financial supervision mechanisms, stabilize the Georgian financial sector and ensure its transparency.
The project for fraternization of public services was unveiled by Koba Gvenetadze, president of the National Bank of Georgia (NBG).
“The national bank is a proactive regulator, which constantly strives for finding new opportunities and introducing best practices. Consequently, the fraternization project is of vital importance for the NBG, because its objectives coincide with the NBG mandate – stabilization of the financial sector and ensuring stability”, Koba Gvenetadze noted.
As a result of cooperation of Georgian and Polish partners, the project is to:
- gradually harmonize regulatory, supervisory and execution frames with EU legislation, in compliance with Georgia-EU association agreement;
- strengthen the NBG supervisory function and potential in terms of regulation of banking and payment service markets, in line with best practices of EU legislation;
- improve efficiency of the supervisory mechanisms with the aim to protect beneficiaries of the banking and payment service sectors and develop financial markets in Georgia.