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Daily Archives: July 22, 2014

Budget Shortfall Amounted to GEL 126 Million


As per the data for 6 months, the budget shortfall amounted to GEL  126 million due to  short-received foreign grants and loans. According to the newspaper “Business Rezonansi”, the country received only 47.09% of grants and 53.2% of loans of  the planned grants and loans. Experts require the government to answer the question – …

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Restoration Program for Unique Vine Varieties to Begin in Georgia


The Georgian National Wine Agency launches a restoration program for unique and rare species of vine. According to the Agency, the program is designed to recover unique and rare species of vine which was grown in Georgia by the local population some time ago and for different reasons is grown …

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“Airzena” Launches Flights to Kuwait


“Airzena”  Georgian airline will start flights to Kuwait in August. According to the company’s managing director, negotiations are underway regarding  the new flights and frequencies and apart from  Kuwait and Turkmenistan, the flights will be performed  to Kazakhstan as well. The  rest in the Croatian islands  will be another novelty the airline will offer its customers next …

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Tbilisi City Hall Obliges Developers to Plant Trees


The newly elected Mayor of Tbilisi David Narmania initiated a  tree planting program during his election campaign. After the election, he said that the program would be implemented by real estate companies, which would be required to plant trees in the area where they carried  out their projects. According to a representative of the construction company “Arci”, the initiative …

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Georgian Lending Paradox


“Mtskheta Food Company” which produces products under the “Golden Fleece” brand cannot resume operation due to the government-subsidized preferential agrolending program. In particular, the company’s  Director  Givi Giutashvili says  that banks participating in the program require a large  collateral for the loan and the company’s property is evaluated far below its market value. The fate …

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PASHA Bank – General Sponsor of International Chess Festival


PASHA Bank, a full service corporate bank, was the general sponsor of the 9th International Festival – Nana Alexandria Cup – 2014. Out of the 9 years of Festival’s history, Pasha Bank has been the largest sponsor of the Festival.  The 9th Poti International Chess Festival Nana Alexandria Cup – …

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New Insurance Company “Kopenbur” to be Officially Opened Today

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The JSC  insurance company “Kopenbur” will be officially opened today. The opening ceremony will be officially launched by the company’s German founder ,Chairman of the Supervisory Board Franjo Vidichek and the head of the State Insurance Supervision Service Lasha Nikoladze. The official opening will be also attended by Minister of Economy and Sustainable Development of Georgia George Kvirikshvili, Finance Minister Nodar Khaduri, Tbilisi Mayor David …

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Kakha Bendukidze to Give Advice to Government of Albania


Chairman of the Supervisory Board of the Agriculture University and founder of  Free University  Kakha Bendukidze will visit Albania to give advice to  the county’s  Prime Minister Edi Rama. The Albanian government is interested in the reforms carried out  in Georgia, as well as Kakha Bendukidze’s  experience in reforming in other countries with  economies in transition. Albania …

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РБК Research: Georgian Wine was Ranked Fifth


20% of readers of the  famous Russian business newspaper ” РБК” give preference to Georgian wine, which, according to the survey, is  the fifth in the rating  after   Italian (41%), Spanish (34%), Chile (27%) and French (25%) wine . This is a result of the РБК research, which question sounded as follows: whichcountry’s wine do you prefer? Abkhazia  was included …

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Project of Trade Centers near the Occupied Territories Stopped


“Commersant” reports that  the Georgian government has decided to suspend work on the project of construction of shopping centers close tothe occupied territories. Neither the government nor the Ministry of Economy officially comment on this issue, stating that the projects were developed by the Partnership Fund(PF), so a decision to suspend or continue them is within its jurisdiction. According to the Partnership …

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