EBRD President Warns Georgia of Economic Consequences of Controversial ‘Foreign Agents’ Law

The president of the European Bank for Reconstruction and Development (EBRD) has expressed concerns about the impact of Georgia’s controversial draft “foreign agents” law on the country’s economy and investor confidence. The proposed legislation, which would require organizations that receive more than 20% of their funding from abroad to register as agents of foreign influence, has been met with criticism from both domestic and international sources.

Odile Renaud-Basso, president of the EBRD, expressed surprise at the reemergence of the law and warned that its implementation could have negative effects on Georgia’s economic growth. She emphasized the need for dialogue with partners in Tbilisi to address concerns and mitigate any negative consequences.

Georgia has seen economic benefits from implementing reforms in the past, but tensions surrounding the draft law could discourage private sector investment in the country. Protests against the law have been ongoing in Georgia, and both Brussels and Washington have urged Tbilisi to reconsider it to avoid damaging its chances of European Union membership and a closer Euro-Atlantic integration.

The EBRD’s annual meetings are set to begin in Armenia on May 14, where Renaud-Basso will continue to advocate for dialogue and cooperation between Europe and its eastern neighbors.