This research will explore other possible financial vehicles that go beyond traditional sources of private capital offered by commercial banks. It will look at international experience and the opportunities to use public support, green bonds to raise green finance as well as the work of energy service companies (ESCOs) to finance green investments. We have offered our view of what should be done in fact (not in paper in Georgia as it has been in the past 15 years) to change the situation and end the negative and harmful monopoly of the commercial banks and the National Bank of Georgia and to have in place the two independent sources to attract and invest resources in Georgia. This will increase the capitalization of the country and is a proven way to eradicate the country›s lagging and accelerate economic growth. Why should we focus on this issue? 1. According to WHO›s latest data, over 7 million people die each year because of breathing air with solid particles, and one of its main pollutants is vehicles. (Cereceda Rafael, Cuddy Alice. 2018.....) 2. Georgia’s Capital - Tbilisi - is occupying the 3rd place in the light of air pollution, 3. Due to the critical situation, the public demand to live in a clean ecological environment, day by day increases. In our research the following Questions are discussed and overviewed: • Is it important to act on the issues of Georgia›s position on the global scale? • What unique components can be used to prolong the average life of people? • What investors do the country need for building ecoprojects and their realization? • What type of ecofriendly technologies can be developed for potential customers in Georgia? In that field we have studied the following: • The links between economic growth, green growth (e.g. clean energy), high living standards and capital markets; • Why the Commercial Banks are the main and the only source of finance for green (and not only) investments in Georgia; • Situation on capital markets of Georgia (stock and bond markets) - as an indicator of economic growth and an alternative source of financing; • Possible benefits of non-bank financing, including for clean energy projects and the SME sector (e.g. small hydro, energy efficiency); • The role of government in supporting capital market development; • The role of international community (donors, IFIs, international organization) to support Georgia’s efforts to develop capital markets Georgia – Recent level of development To illustrate the wide gap between the developed economy and the weak one, let us compare the current level of per capita GDP of Switzerland, Hungary, Poland to Georgian one (source: https://tradingeconomics.com/switzerland/gdpper-capita; https://tradingeconomics.com/poland/gdp-percapita; https://tradingeconomics.com/hungary/gdp-per-capita; https://tradingeconomics.com/georgia/gdp-per-capita); • The Gross Domestic Product per capita in Switzerland was last recorded at 76667.44 US dollars in 2017. The GDP per Capita in Switzerland is equivalent to 607 percent of the world›s average. • The Gross Domestic Product per capita in Hungary was last recorded at 15647.85 US dollars in 2017. The GDP per Capita in Hungary is equivalent to 124 percent of the world›s average. • The Gross Domestic Product per capita in Poland was last recorded at 15751.23 US dollars in 2017. The GDP per Capita in Poland is equivalent to 125 percent of the world›s average. • The Gross Domestic Product per capita in Georgia was last recorded at 4290.17 US dollars in 2017).The GDP per Capita in Georgia is equivalent to 34 percent of the world›s average.
Causative Relationship between Domestic Investment in Jordan and Some Economic Variables during the Period (2000-2016)
