In a warning to Georgia, the President of the European Bank for Reconstruction and Development (EBRD) has expressed concerns about the potential negative effects that tensions surrounding the country’s controversial draft “foreign agents” law may have on its economy and investor confidence. The proposed legislation, currently being discussed in the Georgian parliament, would require organizations that receive more than 20% of their funding from abroad to register as agents of foreign influence.
Odile Renaud-Basso, President of EBRD, expressed her surprise at the reemergence of this authoritarian law, which she believes is inspired by the Kremlin. Critics argue that it is a violation of civil liberties and threatens Georgia’s democratic progress.
The draft legislation has led to protests in Georgia, and both Brussels and Washington have urged Tbilisi to reconsider it in order to avoid damaging its chances of European Union membership and closer Euro-Atlantic integration. The EBRD’s annual meetings are set to begin in Armenia on May 14, but Renaud-Basso highlighted the need for dialogue with their partners to address these concerns and mitigate any negative economic consequences.
Georgia has seen economic benefits from implementing reforms in the past, but current tensions surrounding this proposed law could discourage private sector investment in the country. Renaud-Basso emphasized the importance of finding a peaceful solution that respects all parties involved and protects democracy in Georgia.