Possibilities of Regional Integration of Financial Institutions of Georgia

Abstract

Georgia is located in the South Caucasus, at the crossroads of Europe and Asia. The general strategy of the country's development is freedom, rapid development, prosperity. The purpose of the research is to find out the involvement of the financial institutions of Georgia and neighboring states in achieving regional economic results, to analyze the current situation and to determine the development prospects. Along with the priorities of the country strategy, the main strategic task is regional cooperation and integration - balanced development of the economy, greater functionality of urban areas, reduction of poverty and inequality, strengthening of governance and institutional capacity, involvement of banking, insurance and other financial institutions, which will help Georgia to make the most of its valuable advantages , including geographic location. The implemented measures result in a variety of financing instruments. New financial institutions, together with the banking sector and insurance companies, will increase the quality of financial intermediation and, therefore, the effective placement of investment resources through risk insurance, which will ultimately improve access to finance both in the country and among the countries of the Black Sea region. In cooperation with financial institutions, new lending schemes will be introduced and new financial products will be developed. Keywords: regional cooperation and integration; Strengthening economic ties; Opportunities for regional integration of financial institutions (banks, insurance companies).