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Monthly Archives: August 2014

Average Annual Interest Rate of Pawnshop Loan Amounts to 54.1%

By the end of 2013, in total 1 031 organizations were engaged in the pawn business in Georgia. Of these, 45.8%  are located  in Tbilisi, 13.5% – in Imereti, 12.3% – in Adjara, 10.6% – Samegrelo-Zemo Svaneti region, while the remaining 17.8% functionin other regions. The study conducted by “Sakstat” says. In 2013, the weighted average interest rate of a pawnshop loan amounted to 54.1%. The average …

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THE MOST PROBLEMATIC CONSTRUCTION ASSETS IN TBILISI

The Caucasian Business Week (CBW) starts publishing the rating of problematic and failed development projects in Tbilisi and all over Georgia. At this stage, we offer 6 ongoing and suspended projects that are considered the most problematic projects by real estate field specialists. 1. Center Point’s ongoig project behind Tbilisi …

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New Details of Offshore Industry Zones in Georgia

According to the initiator of the relevant law, the MP Kakha Okriashvili, offshore industry zones will be calculated only for those types of businesses which don’t function in the country – such as the production of consumer electronics products, precious stones grinding, etc. “While all this is at the level …

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94% of Population of Georgia Enjoy Banking Services

An interview with a research director at “TNS” representation  in the South Caucasus George Abramishvili What are the results of your research? How highis demand for banking services in Georgia?  A study conducted in 7 major cities of Georgia showed that nearly 74% of the population directly enjoy banking services – which means  basic banking services  such as invoices, credit cards, …

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Why a Boycott of Russian Products Failed in Georgia?

In Georgia, import of Russian products is growing  in spite of the political tensions between the two countries – respectively, a recently launched campaign to boycott Russian products has failed. The situation is different in the Ukraine, where in some regions  the sales volume of Russian products fell by 40%. “Do not …

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“Kazantip” President Requests a Meeting with the Clergy

Organizers of the project have not divulged information about sponsors of the “Kazantip”festival. According to President of the Republic ofKazantip  Nikita Marshunok, the negotiations are still going on. Media reports, the company “Sno” was considered an exclusive supporter of the project though the company did not confirm the  spread information. According to  “Sno”,  the company has not conducted negotiations with  “Kazantip“ organizers and is not participating in the project. Another company that was considered as a …

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“TAV Georgia” to Build a New Runway in Tbilisi Airport under a New Agreement

According to the new agreement, a new runway at the Tbilisi International  airport will be built by “TAV Georgia” and the term of the contract with “TAV” will not be extended. “Commersant” was told by  the Deputy Minister of Economy and Sustainable Development Dimitri Kumsishvili. In his words, the company will assume the duties that will benefit our country. The new runway, according to …

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“Rixos” Hotel to Open in December

A  five-star “Rixos” hotel will open in Likani  in December. Irakli Kovzanadze, Director of  the Partnership Fund (PF), told “Commersant”. A 152 -room hotel will be located  in the territory of the former Fourth Division. The project is jointly carried out by the  Partnership Foundation and the Kazakh state oil and gas company “KazMunaiGas”. A  total investment volumein the complex amounts to USD 38.5 million, the Partnership Fund’s contribution is 50%. The Kazakh company acquired the  object in Likani …

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Developers Warn Deputies of Tbilisi City Assembly

Representatives of the real estate companies call the deputies  of the Tbilisi City Assembly to refrain from making statements that could interfere with the business and investment climate. In particular, the new head of monitoring and audit service of the City Assembly Badri Gogadze said he would check the legality of …

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GEL Exchange Rate Began to Strengthen

The  exchange rate of the Georgian national currency began to strengthen in the last two months and at  the end of July  the GEL exchange  rate against the USD amounted to 1.7418 while  today- 1.7274. On August 1, 2014 the National Bank of Georgia (NBG) purchased $ 20 million at the National Bank’s currency auction, the weighted average …

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New Silk Road – What Economic Benefits will the Project Bring to Georgia?

The government is working on the idea of the new Silk Road. Prime Minister Irakli Garibashvili  says that thereby,  Georgia’s potential will be fully used. “The strategic location of Georgia  is becoming more and moreimportant.  For this reason we develop the new Silk Road idea. Chinese government expressed its interest and I’ve already had a conversation with Romanian  Prime Minister  – we start a deep-water port construction to accept  the Panamax large-sized vesselsand to …

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