IN 2016, SHARE OF TOP THREE SECTORS IN TOTAL FDI MADE UP 59.4%

Sakstat published adjusted data of 2016, stating that 59.4% of total foreign direct investments (FDI) were made in three sectors – transport and communications, construction and financial sector.

According to estimations, top three included transport and communication, energy and construction and combined chare of these sectors made up 61%. More...

AS OF MARCH 31, RATIO OF INSURANCE COMPANIES’ ASSETS TO GDP MADE UP 1.5%

National Bank of Georgia reported that as of March 31, ratio of assets of insurance companies to GDP made up 1.5%. The indicator did not change in comparison with the end of 2016. More...

ROADS DEPARTMENT: REHABILITATION OF DARCHELI-GANMUKHURI ROAD IS COMPLETED

Roads Department reported about completion of rehabilitation of 5.4-km section of Darcheli-Ganmukhuri road (Samegrelo region).

The project worth 2.68 million lari was financed from the state budget, the Department pointed. More...

“GSE” TO PLACE ADDITIONAL INFRASTRUCTURE IN TABAKHMELA

According to the government’s order, Georgian State Electrosystem (GSE) has to secure reinforcement of existing infrastructure around Tbilisi.

In particular, substation of 220/110 kV has to be built in Tabakhmela village, which design should foresee its integration in already available network. More...

MINISTRY OF REGIONAL DEVELOPMENT AND INFRASTRUCTURE: LANDFILL IN BAKURIANI IS SHUT DOWN

Ministry of Regional Development and Infrastructure declared that its subordinated entity, Company for Solid Waste Management, has shut down the landfill in Bakuriani (mountain resort), implementing the action within the set plan.

Shutting down the landfill cost 124,998 lari that was paid from the state budget, the Ministry said. More...

BATUMI TO HOST INTERNATIONAL CONFERENCE ON AGROTOURISM

The government of Ajara declared that Batumi will host international conference on agrotourism. The event will take place on September 8-9. More...

“BLACK SEA RESORT” TO INVEST 20M LARI IN CONSTRUCTION OF HOTEL IN KOBULETI MUNICIPALITY

LLC Black Sea Resort will built multipurpose hotel complex in Kobuleti municipality of Ajara, Georgian Ministry of Economy and Sustainable Development declared.

According to the Ministry, the company will invest 20 million lari in construction of the complex, which will have 100 rooms. More...

“CHATEAU MUKHRANI” TO GET STATE PROPERTY IN MTSKHETA MUNICIPALITY

The state-owned real estate will be handed over through direct sale to JSC Chateau Mukhrani (the winemaking company).

According to respective order of the government, the matter concerns nonagricultural land site of 1,004 square m with structures in village Mukhrani of Mtskheta municipality (Mtskheta-Mtianeti region). More...

AS OF MARCH 31, PROFIT OF “TERABANK” INCREASED 3.4 TIMES Y-O-Y

According to report of Terabank, its net profit as of March 31 amounted to 15.44 million lari. If compared with the same period of 2016, the volume has increased 4.3 times. More...

“ISBANK GEORGIA” FINISHED Q1 WITH LOSS

According to report of Isbank Georgia, its loss as of March 31 amounted to 298,351 lari. In the same period of 2016, the bank had profit of 1.5 million lari. More...

AS OF MARCH 31, PROFIT OF “PASHA BANK GEORGIA” REDUCED BY 23% Y-O-Y

According to report of Pasha Bank Georgia, its net profit as of March 31 amounted to 1.42 million lari. If compared with the same period of 2016, the volume has decreased by 23%. More...

AS OF MARCH 31, PROFIT OF TBILISI BRANCH OF “ZIRAAT BANK” INCREASED BY 1.8% Y-O-Y

According to report of Tbilisi branch of Turkish Ziraat Bank, its net profit as of March 31 amounted to 482,526 lari. If compared with the same period of 2016, the volume has increased by 1.8%. More...

Tabula: “KALADZE: WE HAVE TO CREATE IN DENDROLOGY PARK COMFORTABLE SPACE FOR TBILISI RESIDENTS”

Ruling Georgian Dream’s candidate for Tbilisi Mayor Kakha Kaladze announces initiative on reconstruction of dendrology park nearby to Tbilisi Sea, Tabula reports. First of all, project of park has to be prepared, he notes. More...

Tabula: “WHAT LIVING WAGE ACTUALLY IS”

By calculations of Sakstat, official level of living wage for 5-member family makes up 333.1 lari as of July.

“Empirically, probably, everyone can tell that monthly 66.6 lari (one-fifth of 333) is not enough for full-fledge living”, Tabula writes. More...

Bankebi da Finansebi: “ECONOMY MINISTRY ENTRUSTED PART OF OWN FUNCTIONS TO NON-GOVERNMENTALS”

Legal entities of public law, subordinated to the Ministry of Economy and Sustainable Development (Produce in Georgia Agency and Innovations and Technologies Agency) signed memorandum on cooperation with the Economic Policy Research Center.

The Ministry declares that “within the mentioned memorandum of cooperation, funds from the budget of Georgia are not allocated, as the project, which is implemented by the Economic Policy Research Center, is financed by the EU and is calculated on 2 years”. More...

Rezonansi: “STATEMENT OF “PR” OF “RAILWAY” ROUSED INDIGNATION OF LABOR UNIONS”

Head of public relations department at Georgian Railway Dachi Tsaguria estimates that railroad workers, who are on hunger strike, are misled by group of Irakli Petriashvili (head of United Labor Unions), which members “constantly spread lies”.

According to Tsaguria, these railroaders “are transferred to new workplace with the same salaries. More...

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...