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1. MAYONNAISE PRODUCER LLC BEDIA WILL PRODUCE TOMATO SAUCE
   (Daily News: October 22, 2008)

   As Zurab Papava, director of mayonnaise producer LLC Bedia told Sarke, the company starts production of tomato dressing next week. Tomato sauce will be packed in foil-coated bags and will be sold on the local market (price – 0.80 lari), Papava announces.

2. 24 Saati: “PART OF EXPERTS EXPECTS BOOM IN FLATS SELLING IN SPRING”
   (Economic Press Monitor: October 15, 2008)

   One part of experts does not exclude bankruptcy of some construction companies, while the other part forecasts boom on local market within a few months, the article notes.

   Thus, president of Georgian Banks Association Zurab Gvasalia expects lowering of prices on realty and points at symptoms, already having place.

3. THE PARLIAMENT REJECTED DRAFT BUDGET-2009
   (Daily News: October 17, 2008)

   Chairman of the Parliament’s fiscal committee Zurab Melikishvili sharply criticized the draft of the state budget-2009 on today’s sitting of the committee and called the government to reduce administrative expenses by 5-10%.

   According to Melikishvili, revised variant of the budget should envisage funding increase for such priorities as school vouchers, pensions and aid to socially deprived population.

4. PROGRESS BANK IS GOING TO START WORK IN NOVEMBER
   (Daily News: October 13, 2008)

   Stewart Murdoch, new head of Progress Bank’s supervisory board, said that the bank will start operating in November and will work at corporate segment first.

   Progress Bank, which got its banking activity license at the end of 2007, planned to commence operations in September 2008, but August events suspended this plan.

5. KAKHA KALADZE TO HEAD SUPERVISORY BOARD OF ARSENAL DEVELOPMENT
   (Daily News: October 6, 2008)

   Development company Arsenal Development announced that Zurab Nogaideli has resigned from the post of the head of supervisory board. He is replaced in the office by founder of the company, Georgian football player Kakha Kaladze.

6. Rezonansi: “DOORS TO BE CLOSED FOR GM FOOD”
   (Economic Press Monitor: September 26, 2008)

   Georgian government considers ratification of Cartagena Protocol on Biosafety (entered into force in 2003). The previous Georgian Parliament had torpedoed twice ratification of the document.

7. Rezonansi: “EX-PREMIER REJECTS CURRENT EFFICIENCY”
   (Economic Press Monitor: September 23, 2008)

   Discussions over implications of the August war in Georgia will be started in mid-October, former Prime Minister Zurab Nogaideli says in his interview with the newspaper. Problem solving should be started with real estate and banking sector, he says, adding that banking sector is more emphasized now, while real estate sphere is important as well.

8. Rezonansi: “GEORGIAN BANKS IN EXPECTATION OF INVESTORS”
   (Economic Press Monitor: September 16, 2008)

   As the head of Georgian Banks Association Zurab Gvasalia says, the war has had a great impact on the banking sector, but the timely measures of National Bank and Finance Agency have yielded positive results. There is no reason to panic, he considers, noting that credit policy should be reconsidered, but that does not mean the crisis.

9. JSC KAKHETI ENERGY DISTRIBUTION IS SOLD AT INCREASED PRICE
   (Daily News: September 15, 2008)

   Bankruptcy manager of JSC Kakheti Energy Distribution has brought the company to auction for the fifth time already. Property of energy company is priced at 37 million lari.

10. Rezonansi: “LIGHT AND SHADE OF NEW MARSHALL PLAN”
    (Economic Press Monitor: September 8, 2008)

    According to the State Secretary Condoleezza Rice, the US prepares economic pack of at least $1 billion for humanitarian needs and reconstruction of Georgia. Of which $570 million is planned to give until the end of this year.

11. SAKHALKHO BANKI EXPECTS FOR A CREDIT LINE IN OCTOBER
    (Daily News: September 4, 2008)

    Sakhalkho Banki (People’s Bank) informs that it expects credit line of $10 million in October. According to bank’s financial director Zurab Tsulaia, a credit line will be provided by German credit bank (KfW).

12. SAKHALKHO BANKI HOLDS NEGOTIATIONS WITH LARGE WESTERN FINANCIAL INSTITUTIONS
    (Daily News: September 4, 2008)

    New management of Sakhalkho Banki (People’s Bank) holds intensive negotiations with large Western financial institutions, aiming capitalization increase, new director general of the bank Koka Goginava said today.

    According to Goginava, negotiations about entering of the new investor in Sakhalkho Banki will be finished by the end of 2008.

13. JSC KAKHETI ENERGY DISTRIBUTION TO BE AUCTIONED FOR THE FIFTH TIME
    (Daily News: September 2, 2008)

    Bankruptcy manager of JSC Kakheti Energy Distribution is going to auction the company’s property for the fifth time.

    As company’s bankruptcy manager Zurab Digmelashvili told Sarke, auction will be held in near future.

14. JSC KAKHETI ENERGY DISTRIBUTION FAILED TO BE SOLD AGAIN
    (Daily News: August 4, 2008)

    JSC Kakheti Energy Distribution’ property failed to be sold again on auction, held on August 1. The bankruptcy manager, brought the company on auction for the third time, has set initial price at $7 million.

15. Rezonansi: “MANAGEMENT OF KAKHETI ENERGY DISTRIBUTION IS BLAMED FOR ABUSE OF POWER”
    (Economic Press Monitor: August 4, 2008)

    Former employees of JSC Kakheti Energy Distribution, being released from offices after the process of bankruptcy was begun in the company, filed an appeal in court, demanding to pay them salary indebtedness. The court upheld the claim, charged the company to pay mentioned debt, but the ruling’s execution is delayed until the end of bankruptcy.

16. EBRD HAS NOT PAID FOR BASISBANK SHARES YET
    (Daily News: July 30, 2008)

    As it became known to Sarke, EBRD has not paid for Basisbank shares yet.

    Mike Dave, head of EBRD office to Caucasus, confirmed the mentioned information to Sarke, noting that payment is planned to make for near future.

17. TROUT FARM IS LAUNCHED THROUGH MCG FINANCING
    (Daily News: July 30, 2008)

    Trout farm was opened today in the village of Kvabiskhevi (Borjomi district of Shida Kartli region) through financing of Millennium Challenge Georgia fund (MCG).

    As the fund announces, owner of LLC Zoreti Zurab Lomidze implemented rehabilitation and modernization of the farm through $20,000 grant of MCG and his own means – $36,700.

18. JSC KAKHETI ENERGYDISTRIBUTION IS NOT SOLD AGAIN
    (Daily News: July 21, 2008)

    Bankruptcy manager of JSC Kakheti Energydistribution Zurab Digmelashvili informs that the company, which was in bankruptcy regime, was not sold again at the repeated auction.

    This time energy company was put up to auction at the increased price – $8 million.

19. Rezonansi: “VILLAGES DEMAND WATER FOR IRRIGATION”
    (Economic Press Monitor: July 16, 2008)

    Behind implementation of program on irrigation system rehabilitation in regions, irrigation fee is increased up to 75 lari per 1 ha. Last year the budget allocated 24.7 million lari for rehabilitation.

20. DEMOCRATIC DEVELOPMENT FUND
    (Weekly Press Digest: July 13, 2008)

    Ex-speaker of the Parliament Nino Burjanadze, who refused to ballot in the Parliament in May by the lists of the National Movement, has established Democratic Development Fund, which presentation was held on July 7. Articles dedicated to this event were titled as ““Democratic Development Fund” with Political Hue” (24 Saati) and “Burjanadze for Strengthening “Push of Weakened Democracy”” (Rezonansi).

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