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“GOLDEN CROWN”, “WESTERN UNION” AND “UNISTREAM” CONTINUE LEADING IN REMITTANCES TO GEORGIA
(Daily News: October 24, 2016)
Georgian National Bank reported that leader in terms of remittances, transferred to Georgia in the 3rd quarter, was Golden Crown again. Namely, remittances, transferred to Georgia through the mentioned system, amounted in the reporting period to $78.1 million (25.55% of total volume), increasing by 15.2% quarter-on-quarter and by 12.9% – year-on-year.
NET PROFIT OF BANKING SECTOR GREW BY 28.4% Y-O-Y
(Daily News: October 24, 2016)
National Bank of Georgia reported that net profit of commercial banks has totaled to 484.28 million lari as of September 30. If compared with the same date of 2015, the volume has increased by 28.4%.
Kviris Palitra: “IN WHAT CASE GAS TARIFF WILL INCREASE IN RURAL AND URBAN AREAS”
(Economic Press Monitor: October 24, 2016)
As energy experts estimate, necessity of electricity and gas tariff revision may raise only in case if lari rate will reach 2.5 GEL/USD, the newspaper says. Current tariffs are in force through December 31.
“GEORGIAN AIRPORTS ASSOCIATION”: PASSENGER TRAFFIC FOR 9 MONTHS GREW BY 23% Y-O-Y
(Daily News: October 21, 2016)
LLC Georgian Airports Association reported that Georgian airports had transported 2.18 million passengers in 9 months of the year. If compared with the same period of 2015, passenger traffic has increased by 23%; while if compared with the same period of 2012, growth made up 103%, LLC pointed.
THE GOVERNMENT: WB SUPPORTS 4-POINT REFORM PLAN OF GEORGIA’S GOVERNMENT
(Daily News: October 21, 2016)
World Bank is pledging support in implementation of 4-point reform plan of Georgian government, administration of the government declared. That support was marked by World Bank’s regional director in South Caucasus Mercy Tembon at the meeting with Georgia’s Prime Minister Giorgi Kvirikashvili.
EXPORT TO TURKEY FOR JANUARY-SEPTEMBER DECREASED BY 2.4% Y-O-Y, WHILE IMPORT INCREASED BY 3.5%
(Daily News: October 21, 2016)
Sakstat published preliminary foreign trade data for January-September, according to which Georgian export to Turkey amounted to $142.62 million (9.4% of Georgia’s total export). If compared with the same period of 2015, the volume has decreased by 2.4%.
Netgazeti.Ge: “AKAKI ZOIDZE: CANCELATION OF LABOR INSPECTION WAS WRONG DECISION”
(Economic Press Monitor: October 21, 2016)
Akaki Zoidze, #6 of Georgian Dream’s parliament list and Deputy Healthcare Minister in 1997-2001, believes that cancelation of labor inspection in 2006 was a mistake, the newspaper reports. Zoidze says that labor inspection “did not have real influence on labor safety protection, it was turned into source of corruption, collector of illegal briberies.
Forbes Georgia: “FINANCER OF EXISTENCE UNTIL SALARY TIME”
(Economic Press Monitor: October 21, 2016)
International holding ID Finance is represented under trademark MoneyMan in 7 countries, including Georgia, where it appeared two years ago, the magazine says. By the moment, investments of online loans company MoneyMan on Georgian market have reached $19 million, while growth exceeds 600%, the article states.
TBILISI HOSTS 14TH FASHION WEEK
(Daily News: October 20, 2016)
The 14th fashion week was started in Tbilisi today, which will last 5 days. The event is supported by Economy and Sustainable Development Ministry, Culture and Monuments Protection Ministry and Tbilisi City Hall.
REGIONAL DEVELOPMENT AND INFRASTRUCTURE MINISTRY: CONSTRUCTION OF ACCESS ROAD TO SAPARA MONASTERY COMPLETED IN ADVANCE
(Daily News: October 20, 2016)
Ministry of Regional Development and Infrastructure declared that construction of 7.2-km access road to Sapara Monastery (10 km from Akhaltsikhe, Samtskhe-Javakheti region) was completed 5 months ahead of schedule. The project was implemented by Georgian Municipal Development Fund through funding of 3.35 million lari, provided by the World Bank.
THE GOVERNMENT: 15.5-KM GURJAANI-BAKURTSIKHE BYPASS ROAD TO BE BUILD
(Daily News: October 20, 2016)
According to the government’s regulation, designing and construction of 15.5-km Gurjaani-Bakurtsikhe bypass road is started. Cost of the project, which will connect Tbilisi-Bakurtsikhe-Lagodekhi road to Akhmeta-Telavi-Bakurtsikhe road, makes up 38 million lari.
PARTNERSHIP FUND: ENHANCEMENT OF COOPERATION IN TEA INDUSTRY WAS DISCUSSED WITH CHINESE SIDE
(Daily News: October 20, 2016)
Georgian Partnership Fund declared that enhancement of cooperation in tea industry was discussed at the meeting with representatives of Chinese companies. Chinese side acquainted management of the Fund with “large-budget business-plan on complex industrial zone for tea production and details of investment offer”, the Fund said.
THE GOVERNMENT: AGREEMENTS REACHED ON EXPORT GROWTH FROM GEORGIA TO RUSSIA, AS WELL AS IN TERMS OF TRANSPORTATIONS’ GROWTH
(Daily News: October 20, 2016)
Georgian government declared that “Concrete agreements have been reached on growth of export from Georgia to Russian market, as well as on transportations’ growth”. The mentioned issues were discussed at the meeting of Zurab Abashidze, Georgian Prime Minister’s envoy for relations with Russia, and Grigory Karasin, Deputy Foreign Minister of Russia, held within Georgian-Russian informal dialogue yesterday.
GEORGIAN EXPORT TO RUSSIA INCREASED FOR JANUARY-SEPTEMBER BY 17.9% Y-O-Y, WHILE IMPORT – BY 14.7%
(Daily News: October 20, 2016)
Sakstat estimates that Georgian export to Russia for January September has amounted to $130.08 million, accounting for 8.7% of Georgia’s total export. The volume has increased by 17.9% year-on-year.
“TAV GEORGIA”: AL MADINAH AIRPORT’S AIR CARRIERS INTERESTED IN GEORGIAN AIR MARKET
(Daily News: October 19, 2016)
TAV Georgia (operator of Tbilisi and Batumi airports) reported that it’s Turkish parent holding TAV held a working meeting in Tbilisi with representatives of air companies, operating in Al Madinah Airport (this airport in Saudi Arabia is managed by Turkish holding). At the meeting, TAV Georgia acquainted guests with Georgia’s economic and tourism potential and held presentation on own activity.
REGULATORY COMMISSION: 2.85M LARI IS WRITTEN-OFF AS GROUNDLESSLY ACCRUED ON CITIZENS IN 9 MONTHS
(Daily News: October 19, 2016)
Georgian National Energy and Water Supply Regulatory Commission reported that sum, being groundlessly accrued on citizens by electricity, natural gas and water supply companies in 3 quarters of the year, has totaled to 2.85 million lari and was written-off. The Commission said that its department for citizens’ complaints has received 1,760 applications/complaints of customers of the mentioned companies.
STATE-OWNED 70% IN LLC “EXPRESS” HANDED OVER TO “GEORGIAN POST”
(Daily News: October 19, 2016)
According to the government’s decree, state-owned stake of 70% in LLC Express has been handed over to state-run LLC Georgian Post. The stake was handed over with management right for 5-year period.
PARTNERSHIP FUND: CHINA DEVELOPMENT BANK SEES THE FUND AS FUTURE PARTNER
(Daily News: October 19, 2016)
Georgian Partnership Fund declared that it has been considered by China Development Bank as future partner. Chinese bank is going to open its office in Tbilisi.
PARTNERSHIP FUND INVESTS $6M IN “GAZELLE FUND”
(Daily News: October 19, 2016)
State-run Georgian Partnership Fund declared intention to enter capital of Canada-registered Gazelle Fund, investing $6 million in it. As Partnership Fund mentioned, initial capital of Gazelle Fund will make up $27.5 million, at least 60% of which should be spent in Georgia, while in future, investment volume of Canadian fund will be increased up to $70 million.
Forbes Georgia: ““GPI HOLDING” TO HOLD INTERNATIONAL CONFERENCE”
(Economic Press Monitor: October 19, 2016)
Paata Lomadze, director general of GPI Holding, says that “current volume of Georgian banking-insurance market makes up 50-60 million lari”. However, the market has 10-15-time more growth potential, he considers.
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