Economic Press Monitor
March 15, 2019
IN THIS ISSUE:
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| 1. |
SPENDING OF 9.7M IS PLANNED FOR REHABILITATION OF DRY BRIDGE AND ADJACENT TERRITORY
Construction
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Tbilisi Development Fund begins rehabilitation of so-called “Dry Bridge” and Saarbrucken Square Bridge over Mtkvari River, as well as gardens of March 9 and Dedaena (Mother Language). Total cost of the project makes up 9.7 million lari and it will be financed from Tbilisi budget, Netgazeti.Ge reports, with reference to Tbilisi City Hall.
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| 2. |
“TBC BANK” RECEIVED CREDIT RESOURCE OF $25M FROM BANKS OF JAPAN, QATAR AND THE NETHERLANDS
Finances & Banking
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Commercial banks of Japan, Qatar and the Netherlands (not named) allocated to Georgia’s largest TBC Bank a credit resource of $25 million, Netgazeti.Ge reports. As the article notes, the sum will be completely used for corporate financing of the bank.
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| 3. |
PETER THIRRING – IT IS UNUSUAL THAT IN GEORGIA BANKS OWN INSURANCE COMPANIES
Finances & Banking
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“It is unusual that in Georgia banks own insurance companies”, declares Peter Thirring, supervisory council member at Vienna Insurance Georgia and supervisory council chairman at GPIH insurance company. As Thirring indicates, “models of risk management at bank and insurance company are totally different”.
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| 4. |
PENALTY OF 30,000 FOR FOREIGNER, WHO WILL NOT CULTIVATE LAND
Economic & Politics
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Draft of organic bill “On Ownership of Land of Agricultural Purpose” obliges foreigners to alienate their inherited agricultural land plots in case of not cultivation. Legal entities will be obliged to alienate their plots too, if investment obligations are not fulfilled.
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