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DAILY NEWS February 11, 2016

FINANCE MINISTRY: INDEBTEDNESS OF 1.4B LARI TO BE WRITTEN-OFF WITHIN TAX LIBERALIZATION

The Finance Ministry reported that planned tax liberalization will result in write-off of arrears of 1.4 billion lari to those taxpayers, who do not show any activity. The matter concerns debts of 6,700 entities, collected before January 1, 2011. More...


EIB SUPPORTS GEORGIA’S URBAN RECONSTRUCTION WITH 150M EUR

The European Investment Bank (EIB) is extending up to 150 million EUR loan to Georgia, provided for funding of infrastructure projects’ development. Respective agreements were signed today at the administration of Georgia’s government. More...


THE PRESIDENT NAMED KOBA GVENETADZE FOR NBG’S BOARD MEMBERSHIP

President Giorgi Margvelashvili decided to present candidacy of Koba Gvenetadze to the Parliament for approval as member of board of National Bank of Georgia (NBG). Respectively, procedures of candidacy’s presentation in the Parliament have been launched, the President’s administration said. More...


CONSTRUCTION OF DRAINAGE COLLECTOR IN PONICHALA TO BE COMPLETED BY JUNE

Tbilisi City Hall reported about construction of drainage collector with length of 1,225 m in Zemo Ponichala settlement, being scheduled to complete by June 1. Total cost of the project makes up 820,000 lari. More...


HEAD OF ECONOMIC DEVELOPMENT CENTER: “GAZPROM” PLANS TO BUY ONE OF THE SMALL BANKS IN GEORGIA

“Reliable foreign source informed me that Gazprom is going to buy one of small banks in Georgia”, head of Economic Development Center Roman Gotsiridze posted on his Facebook page. “National Bank should be aware, … in order to avoid it!”, the former president of NBG says. More...


“YOUNG BARRISTERS”: ALLEGED CRIMINAL OFFENSE IS COMMITTED AGAINST “INTELECTBANK”

Non-governmental organization Young Barristers declared that alleged criminal offence is committed regarding Intellectbank, which include “deprivation of citizens’ freedom right, deliberate unlawful arrest and detention of the bank’s representatives, coercion, abuse of office and misuse of authority, extortion, violation of constitutional rights of owners”.

As the organization estimates, in 2005-2006, “the state, National Bank of Georgia, Sakartvelos Banki (Bank of Georgia), power structures agreed to make decisions on weakening, bankruptcy and alienation of Intellectbank”. More...


AJARA GOVERNMENT: AT THIS STAGE, LLC “ALLIANCE” SPENT $4.5M IN TERMS OF MULTI-FUNCTION COMPLEX CONSTRUCTION

Government of Ajara reported that at this stage, LLC Alliance has spent $4.5 million within $40-million project of multi-function complex construction. As the government noted, foundation works are underway on the construction site, employing currently 200 people. More...


CO-INVESTMENT FUND: “GALLERIA TBILISI” TO BE OPENED IN 2017

Georgian Co-Investment Fund declared that opening of Tbilisi shopping center Galleria Tbilisi (at Freedom Square) is planned in September 2017.

As the Fund noted at the presentation, held today, 100% of investments in the project, totaling to $77 million, are made by the Fund itself. More...


“M² REAL ESTATE” TO COOPERATE WITH BANK “REPUBLIC”

Bank Republic and development company m² Real Estate signed memorandum today, envisaging offer of mortgage credits of the bank to customers of the company.

The matter concerns following projects of the company in Tbilisi: m² Kazbegi, m² Nutsubidze, m² Tamarashvili and Optima Isani. More...


AGRICULTURE MINISTRY: “LAURUS” TO PROCESS 200 T OF BAY LEAF IN THE SEASON

Agriculture Ministry reported that company Laurus, based in Senaki (Samegrelo region), plans to process 200 t of bay leaf in the season. Production is designed for export and will be delivered to Russia. More...


ECONOMIC PRESS MONITOR February 11, 2016

Tabula: “NISHNIANIDZE: I WILL ACQUAINT THE PREMIER WITH PROJECT OF PORT ARRANGEMENT IN KUTAISI”

Development of port and underground space in Kutaisi is an idea of one of MPs of Georgian Dream Omar Nishnianidze, the magazine reports. The MP plans to acquaint the government members with the project. More...


Iveria.Biz: “KILLERS’ GOVERNMENT – WHY WE SHOULD EXPECT LARI TO DROP AGAIN”

The biggest risk for national currency was always arisen due to huge negative balance of foreign trade, author of the article points. However, this negative factor became even heavier under current government, the author states. More...


Liberali: “INTERNET MARKET – HOW REAL RUSSIAN DANGER IS”

The magazine reports about meeting, held these days in National Communication Commission, which concerned acquisition of retail segment of Caucasus Online by Mobitel (Beeline trademark).

As it was disclosed at the meeting, reason of alienation is debt of Caucasus Online, amounting to $86 million (210 million lari). More...


Exchange Rates (NBG)
  02/11/16 + / -
  USD   2.4736   0.0080
  EUR   2.7979   0.0059
  RUR   3.1156   0.0353
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