At an International Organization of Securities Commissions (IOSCO) panel in Madrid, the National Bank of Georgia’s Head of Securities Market Supervision, David Abesadze, outlined the Bank’s supervisory approach and ongoing initiatives to develop Georgia’s capital market, including efforts to expand both bond market issuance and retail investor participation. He highlighted the Capital Market Support Program, a joint initiative with the European Bank for Reconstruction and Development (EBRD), under which selected companies issued GEL 454 million of bonds in 2022–2023. Abesadze also described the National Bank of Georgia’s procedures and regulatory framework for reviewing securities issuance prospectuses and linked market development to the regulator’s mandate to safeguard investor interests and reinforce investor confidence. On Real Estate Investment Trusts (REITs), he said work is underway on a supervisory framework, alongside dialogue with market participants and coordination with relevant agencies to align taxation policy to support REIT introduction, citing average annual growth of 59% in Georgia’s local investment fund market over the past three years.
National Bank of Georgia 2025-07-08
National Bank of Georgia showcases capital market support programme results and REIT development work at IOSCO panel
At an IOSCO panel in Madrid, David Abesadze from the National Bank of Georgia detailed the Bank's supervisory approach and initiatives to develop Georgia's capital market, including bond market expansion and retail investor participation. He discussed the Capital Market Support Program with the EBRD, which facilitated GEL 454 million in bond issuance, and outlined procedures for reviewing securities prospectuses. Abesadze also mentioned ongoing work on a supervisory framework for Real Estate Investment Trusts (REITs) and efforts to align taxation policy to support their introduction.