On 7 May, Georgia’s Prime Minister Irakli Garibashvili presented former Vice-President of the European Investment Bank (EIB) Vazil Hudak as his Special Advisor for Investments.
Garibashvili said that Hudak was well acquainted with the Georgian economic team and would help with the plan to restore the Covid-19 pandemic-hit economy in the country rapidly. “We are working on a new economic recovery plan in the difficult situation caused by Covid-19. In this plan, foreign investments will play a leading role for the future economic development of Georgia. The task for Hudak is to mobilise the financial support from the public and private sectors for the Georgian government's new economic strategy,” Garibashvili stated. He stressed that Hudak would cooperate with the European Union, the International Monetary Fund, the World Bank, the European Investment Bank, the European Bank for Reconstruction and Development and other international financial institutions, as well as with the international business community, investment funds and banks in his role.
Hudak said that it was a great honour to work as Garibashvili’s special adviser. “We have to operate in a difficult period together. It is true for Europe and globally. It is due to Covid-19. However, I believe that difficult times are opportunities as well. We have an opportunity now to grow and develop in many different directions, create better quality in various areas, attract support from the USA, EU and other countries. We know how to recover the economy through investments, more economic development and advancement. I believe that this is the future of Georgia as well in the EU,” he stated.
“I met all Ministers of the Economic team to discuss all challenges faced in the process and studied various needs and challenges. Public funds are not sufficient to meet all these needs, and that is why it is so important to mobilise other resources thereby engaging the private sector in the process. That is exactly where I see my role, to help the Government of Georgia in finding ways to mobilise other resources,” Hudak emphasised.
Hudak would also be the EU Envoy for Small and Medium Enterprises (SME’s) in Georgia, which is aimed as an endeavour for greater resilience. He noted that €50 billion was allocated for this program. “It has two main aspects: digitalisation and green or environmental initiative to address climate change. These are the future directions of Georgia as well – to become more digital, more modern and greener. I believe that Georgia will thus come closer to Europe, and it is the major aspiration of the Government of Georgia too,” he said.
Vazil Hudak has been a vice-president of the European Investment Bank since October 2016. He has served as Minister of Economy of the Slovak Republic from 2015 until 2016. Before this, he was State Secretary of the Ministry of Finance and Representative of the Slovak Republic on the Board of Governors in the European Stability Mechanism. He was also Industry Head for the Public Sector of Eastern Europe in J.P. Morgan Chase and has worked for the CitiGroup and EastWest Institute in the U.S and Europe.
