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DAILY NEWS August 18, 2017

IBRD TO ALLOCATE 44.6M EUR TO GEORGIA

Finance Ministry declared that Georgia government will receive 44.6 million EUR from International Bank for Reconstruction and Development (IBRD, member of the World Bank group). Respective credit agreement with the World Bank was signed recently, the Ministry said. More...


ADMINISTRATIVE PROCEEDINGS STARTED ON TARIFFS’ DEFINITION FOR 5 ENERGY LICENSEES

National Energy and Water Supply Regulating Commission has decided to launch public administrative proceedings for definition of tariffs for 5 energy licensees.

The Commission set deadline for submission of related offers at September 18, while deadline for publication of respective decision expires on December 31. More...


ECONOMY MINISTRY: GEORGIA BECOMES THE ATTRACTIVE LOCATION FOR BUSINESS OUTSOURCING

Ministry of Economy and Sustainable Development declared that “Georgia becomes an attractive location for foreign investors in terms of business processes outsourcing”.

In particular, “for the last year, already a number of international, famous companies have made considerable investments in Georgia in respect of outsourcing of services”, the Ministry said, not specifying the volume of investments. More...


ECONOMY MINISTRY: AGENCY OF INNOVATIONS AND TECHNOLOGIES AND CENTER FOR PREVENTION OF CRIME IMPLEMENT JOINT PROJECTS

Ministry of Economy and Sustainable Development declared that its Agency of Innovations and Technologies and the Justice Ministry’s Center for Prevention of Crime have signed memorandum on cooperation.

Joint projects/programs will involve beneficiaries of the Center aged below 29 years, which will be trained in technological innovations, the Ministry said. More...


AJARA TO HOST 3-DAY ENTREPRENEURIAL TRADE EXHIBITION

Georgian Ministry of Economy and Sustainable Development declared that its Produce in Georgia Agency assists to holding of entrepreneurial trade exhibition in Ajara, in Batumi Boulevard. The event, which will held on August 18-20, will gather about 100 businessmen, the Ministry noted. More...


AS OF MARCH 31, PROFIT OF “BASISBANK” INCREASED BY 12.8% Y-O-Y

According to report of Basisbank, its net profit as of March 31 amounted to 7.98 million lari. If compared with the same period of 2016, the volume has increased by 12.8%. More...


AS OF MARCH 31, PROFIT OF “HALYK BANK GEORGIA” INCREASED 4.6 TIMES Y-O-Y

According to report of Halyk Bank Georgia, its net profit as of March 31 amounted to 3.79 million lari. If compared with the same period of 2016, the volume has increased 4.6 times. More...


AS OF MARCH 31, PROFIT OF “FINCA BANK” REDUCED BY 20.8% Y-O-Y

According to report of FINCA Bank, its net profit as of March 31 amounted to 283,211 lari. If compared with the same period of 2016, the volume has decreased by 20.8%. More...


“SILK ROAD BANK” FINISHED Q1 WITH PROFIT

According to report of Silk Road Bank, its net profit as of March 31 amounted to 15,271 lari. In the same period of 2016, the bank had loss of 694,760 lari. More...


ECONOMY MINISTRY: “GEORGIAN PRODUCTS RENAISSANCE” EXPORTS TO MORE THAN TO 25 COUNTRIES

Ministry of Economy and Sustainable Development declared that hazelnut-processing company Georgian Products Renaissance conducts export with assistance of Produce in Georgia Agency.

As the Ministry said, the company delivers production to more than 25 countries, including Switzerland, the Netherlands, Italy, Germany, etc. More...


“CHIRINA” TO GET REAL ESTATE IN GARDABANI MUNICIPALITY

According to the government’s order, state-owned real estate in Sartichala village of Gardabani municipality (Kvemo Kartli region) will be handed over to LLC Chirina through direct sale.

The matter concerns agricultural land sites, totaling to 1.68 million square m, and non-agricultural land plot of 152,493 square m. More...


ECONOMIC PRESS MONITOR August 18, 2017

Rezonansi: “THE GOVERNMENT DOES NOT GIVE UP THE ISSUE OF ELECTRICITY RISE IN PRICE ON PRINCIPLE”

Energy Minister Ilya Eloshvili does not exclude growth of electricity tariff, the newspaper says. “The regulating commission will make a decision and establish final tariff according to methodology”, he declares. More...


Liberali: “7 PEOPLE JOINED HUNGER STRIKE OF RAILROAD WORKERS”

On August 17, railroad workers held solidarity action in front of office building of Georgian Railway, the magazine reports.

Employees of Georgian Railway went on hunger strike on August 15, declaring that the company administration has changed their workplace and working conditions without prior agreement, the article specifies. More...


Forbes Georgia: “CHOICE OF FUTURE”

This year, in total 41,200 entrants have registered for 49,703 vacant places in higher education institutions, the magazine reports.

The tendency is unchanged and business administration is still in the lead among future professions, being followed by law, the article notes. More...


Tabula: “KALADZE ON CUTTING DOWN OF GREEN PLANTINGS: ECOLOGY WILL BE MY PRIORITY”

Ruling Georgian Dream’s candidate for Tbilisi Mayor’s office Kakha Kaladze commented on cutting down of green plantings on Chavchavadze Avenue in Tbilisi, Tabula reports. Such fact is “absolutely inadmissible”, he declared. More...


Netgazeti.Ge: “SIGUA SAID THAT FINANCIAL INVESTIGATIVE SERVICE WILL INTERROGATE HIM BECAUSE OF DAMAGE OF PROPERTY”

Giorgi Sigua, founder of Georgian electronic music festival GEMFest, is interrogated by the Finance Ministry Investigative Service, Netgazeti.Ge reports.

As Sigua himself said, the matter concerns fact of property damage, but the Service declared yesterday that interrogation is connected with possible financial violations. More...


SPECIAL REPORT July 26, 2017

REMITTANCES – JANUARY-JUNE, 2017

In the first half of 2017:

- Remittance inflows to Georgia amounted to $629 mln;

- Remittance outflows from Georgia amounted to $96.3 mln;

- Inflow from Russian Federation, United States, Italy, Greece, Israel, and Turkey amounts to 81% of total remittance inflows to Georgia.

In the first half of 2017, total remittance inflows in Georgia amounted to $629 mln, which is 20% higher compared to the same value for the corresponding period of 2016. More...


Exchange Rates (NBG)
  08/18/17 + / -
  USD   2.3895   0.0010
  EUR   2.8067   0.0131
  RUR   4.0213   0.0020
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