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Monthly Archives: September 2014

Development Finance Corporation to be Established instead of Development Bank

The Development Finance Corporation will be established instead of the Development Bank, whichwill be  based on the concept of reform of the Partnership Fund. Minister of Economy, Vice  Prime Minister George Kvirikashvil said  after the today’s Cabinet meetingthat  the draft law had been submitted to Parliament and would   undergo significant changes. The idea of creating the Development Bank belongs to Bidzina  ​​Ivanishvili. In his opinion, the Development Bank …

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The Chinese Consider Georgia as Regional Information Technology Hub

The Chinese plan to develop the new “Silk Road” for introduction of information technologies which envisage turning Georgia into the regional center of information technology. The Chinese are going to strengthen r relations with Azerbaijan, Iran, Turkmenistan, Kazakhstan, Armenia by means of Georgia through which a variety of routes run. …

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Gov’t Temporarily Suspended Issuing of Licenses to Airlines

The decision was taken by the Georgian Civil Aviation Agency  – in particular, the registration of new airlines wishing to enter the Georgian market has been  suspended until  May as well as an acceptance of registration applications. What was the reason for such a decision, what were the arguments the Agency’s management was …

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Gas Deposit with Capacity of 42 Bln Cubic Meters? – American “Frontera” Hides Information from Georgian Gov’t

The International Oil and Gas Company “Frontera Resources Georgia Corporation” doesn’t reveal information about the gas reserves. In June of the current year “Frontera” confirmed that gas deposit with capacity of  42 bln cubic meters was discovered in Georgia, in particular in Sagarejo district  that caused a stir in expert and public circles, …

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Georgian Business not Enjoys Benefits Provided by Association Agreement with the EU

Georgian business does not enjoy the benefitsprovided by the Association Agreement with the European Union. The enactment of the Deep and Comprehensive Free Trade Area Agreement has notaffected export figures to the countries of the EU. Despite the fact that from September 1 Georgia can export its products to the European Union’s market of 500 million consumers without additional charges, an increase has not been observed compared with the same period …

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Gov’t not to Control Non-core Assets of Banks

The Georgian government does not intend to restrict the right of banks to own non-core assets – and this is despite the fact that banks have long owned companies in sectors such as construction, insurance, tourism, leasing, sports, wine, and even fitness. Out of  21 banks registered  in Georgia, non-core assets are …

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